Tuesday, 14 June 2022
Pessimistic views on the proposal to reduce the ICMS tax on fuel in Brazil as well as raging inflation in the US heavily weighed on the ICE 11 raw sugar market last week.
The July 2022 contract traded from a high on Monday of 19.75 USc/lb, down to a low on Thursday of 18.82 USc/lb before closing the week down 42 points at 18.87 USc/lb as the prompt contract moves into its expiry month.
The Australian Dollar (AUD) gave back most of its gains from the previous fortnight after US inflation figures revealed the US economy is showing no signs of slowing down.
The AUD traded from a high last Monday of 72.46 US cents, down to a low of 70.38 US cents on Friday.