Yesterday’s closing dated –28/11/2023
◾London White Sugar – 738.20s (-7.40)
◾NYBOT Raw Sugar #11 – 26.99s (-0.21)
◾USD/BRL- 4.8711 (+0.0006)
◾USD/INR – 83.3325 (-0.0350)
◾Brent Crude – 81.68 (+1.70)
◾BSE Sensex – 66,174.20 (+204.16)
◾NIFTY50 – 19,889.70 (+95.00)
Sugar prices on Tuesday posted moderate losses, with NY sugar falling to a 4-week low and London sugar falling to a 1-week low. Increased sugar production in Brazil should alleviate supply concerns and is undercutting prices. Unica on Monday reported that Brazil Center-South sugar output in the first half of November rose +30.9% y/y to 2.19 MMT and that sugar output in the 2023/24 crop year through mid-November rose +23.1% y/y to 39.412 MMT. Also, 49.41% of the crushed sugarcane was used for sugar production this year, an increase from 45.97% last year.
