China’s interest rate rise to curb inflation has led to concerns over a slowing in the Chinese economy and decreased domestic demand. Raw sugar was down by over 4.5% to 31 cents per lb.
F.O. Licht sees global sugar output at 165.1 million tonnes down from its earlier forecasts of 166.4 million tonnes. Weather predictions for Australia seem to indicate further cyclone activity over the next two months. An issue that is providing sugar prices with support in the short-term.