Yesterday’s closing dated –30/11/2023
◾London White Sugar – 717.10s (-17.60)
◾NYBOT Raw Sugar #11 – 26.04s (-0.82)
◾USD/BRL- 4.9265 (+0.0060)
◾USD/INR – 83.3950 (+0.0700)
◾Brent Crude – 82.83 (-0.27)
◾BSE Sensex – 66988.44 (+86.53)
◾NIFTY50 – 20133.15 (+36.55)
Sugar prices on Thursday sold off sharply and fell to 1-3/4 month lows. Increased sugar production in Brazil alleviated supply concerns and sparked fund selling of sugar. On Wednesday, Conab raised its 2023/24 Brazil sugar production estimate by +15% to 46.9 MMT from an August estimate of 40.9 MMT.
Weakness in the Brazilian real is also undercutting sugar prices. On Thursday, the real (^USDBRL) tumbled to a 2-1/2 week low against the dollar, encouraging export selling by Brazil’s sugar producers.
