Yesterday’s closing dated –05/02/2024
◾London White Sugar – 646.70s (-14.00)
◾NYBOT Raw Sugar #11 – 23.53s (-0.36)
◾USD/BRL- 4.9859 (+0.0005)
◾USD/INR – 83.040 (+0.002)
◾Brent Crude – 77.99 (+0.66)
◾BSE Sensex – 71731.42 (-354.21)
◾NIFTY50 – 21771.70 (-82.10)
March NY world sugar #11 (SBH24) on Monday closed down -0.36 (-1.51%), and March London ICE white sugar #5 (SWH24) closed down -14.00 (-2.12%).
Sugar prices on Monday closed sharply lower as weakness in the Brazilian real (^USDBRL) prompted the selling of sugar futures. The real dropped to a 3-month low against the dollar Monday, encouraging export selling by Brazil’s sugar producers.
Sugar also retreated Monday after StoneX raised its 2023/24 global sugar surplus estimate to 3.4 MMT from a previous estimate of 730,000 MT due to increased sugar output in Brazil.
