Yesterday’s closing dated –28/12/2023
◾London White Sugar – 622.40s (+27.80)
◾NYBOT Raw Sugar #11 – 21.76s (+1.16)
◾USD/BRL-4.8524 (+0.0003)
◾USD/INR – 83.1650 (-0.1800)
◾Brent Crude – 78.39 (-1.26)
◾BSE Sensex – 72410.38 (+371.95)
◾NIFTY50 –21778.70 (+123.95)
Sugar prices Thursday rallied sharply and posted 1-1/2 week highs as year-end positioning by funds sparked short-covering in sugar futures.
On Tuesday, NY sugar posted a 10-month low as prices have been hammered over the last six weeks after Brazil ramped up its sugar production. On Tuesday, Unica reported Brazil’s Center-South sugar output surged +205% y/y in the first half of December and that sugar output in the 2023/24 crop year through mid-December rose +25.2% y/y to 41.746 MMT. Meanwhile, Brazil exported 3.7 MMT of sugar in November, marking a new record for the month.
