Wednesday, 13 March 2019
The May19 sugar contract continued its downward spiral, trading from a high of 12.73c/lb last Monday, testing 12.00c/lb on Thursday, and then closing the week down 55 points at 12.18c/lb. This was mainly driven by speculative and system selling, and was exacerbated by the large Mar19 expiry, delivering 1 million tonnes and curbing trade talk of first-quarter tightness.
The Aussie Dollar closed the week at 0.7047, after testing the lows of 0.7003 on Friday, with the trading range for the week 0.7118 to 0.7003. Slower economic growth, further policy easing and a hold on interest rate changes globally is producing downward pressure on the AUD.