Tuesday, 21 December 2021
Raw sugar prices drifted lower across the week, driven by weak trading volumes as we enter the holiday period as well as market nervousness after the Federal Open Market Committee (FOMC) meeting last week. The prompt March 2022 ICE 11 contract traded from a high of 19.85 USc/lb on Monday, down to a low of 19.58 USc/lb on Friday.
Omicron concern continues to plague international markets after news that the Netherlands will be the first country to go into lockdown through the Christmas holiday period. New studies in South Africa indicate vaccines provide a high degree of protection against severe illness to the variant, however markets remain cautious given cases appear to be doubling on average every 1.5-3 days which could have the potential to overload hospital systems globally.