Tuesday, 02 April 2019
In another week full of bearish sentiment, the May19 sugar contract traded over a very narrow range last week, posting its low of 12.40c/lb on Tuesday before reaching its high of 12.73c/lb the following session and eventually closing the week right in the middle of its recent range at 12.53c/lb.
With little fundamental change in raw sugar news, market attention turned to the London White sugar price. A collapsing premium (price difference between raws and whites) suggests that the market still has some work to do to uncover new buying interest.
Meanwhile the Aussie Dollar continues to trade either side of 71 cents, with equal and opposite forces maintaining a delicate equilibrium.