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QSL Market Update

Tuesday, 11 January 2022

Raw sugar prices declined rapidly in the first week of 2022. The prompt March 2022 ICE 11 contract traded from a high of 19.01 USc/lb on Monday, down to a low of 17.99 USc/lb on Friday, closing the week at 18.05 USc/lb. A speculative sell-off was the primary cause for the price collapse. Technical selling took place when prices moved below the five-month low and the 200-day moving average.

The Aussie dollar started the week at 72.77 US cents but closed on Friday at a low of 71.3 US cents. The USD (US Dollar) strengthened on the back of the reaction of the Federal Open Market Committee's (FOMC) minutes. Currency markets are expected to pick up some steam as many investors return from the Christmas break.

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