Prices were relatively steady during the first half of July, before being sold down during the third week of the month, particularly in the raw sugar market. This price action was confirmed to be largely speculator-driven, with short positions maintained through to month-end. White sugar prices were impacted by the mid-month August contract expiry, but also followed a downward trajectory.
The average ISA Daily Raw Sugar Price stood at USD19.27 cents/lb, little changed from the June average, that was just 3 points higher. The July average remained above the 16-month low set in May of USD18.92 cents/lb.