Tuesday, 10 August 2021
A further downgrading of the Centre South Brazil sugarcane crop saw raw sugar prices spike at the latter stage of last week, pushing the front ICE 11 raw sugar futures contracts out to new life-of-contract highs. The October 2021 contract traded from a weekly low on the Tuesday of 17.74 USc/lb up to a new high of 18.92 USc/lb on Friday before closing the week up 4.3% at 18.68 USc/lb.
For a second week in a row the Australia Dollar (AUD) floated in the 73-74 US cent range as global markets entertain further risk-on appetite. The AUD hit its weekly low of 73.29 US cents last Monday before trading to a high of 74.27 US cents on Wednesday and eventually closing the week almost flat at 73.56 US cents.