Tuesday, 13 July 2021
Last week saw raw sugar prices give back all of the previous week's gains, with the ICE 11 trading lower each day. Following the US Independence Day holiday last Monday, the prompt Oct 21 contract opened the week at 18.35 USc/lb and closed at 17.28 USc/lb, inking a 5.83% loss for the week.
Risk-off sentiment dominated financial markets and forced the Australian Dollar down to a year-to-date low of 74.10 US cents on Friday, slipping from a high last Tuesday of 75.99 USc to close the week at 74.88 USc. An accumulation of factors rather than a single event appeared to drive the change in sentiment lower, with ongoing fear of the US Federal Reserve raising interest rates and the rapidly spreading Delta variant of COVID-19 being the two main influences.