Yesterday’s closing dated –01/04/2024
◾London White Sugar – 652.50s (unch)
◾NYBOT Raw Sugar #11 – 22.72s (+0.20)
◾USD/BRL- 5.0551 (+0.0008)
◾USD/INR – 83.375 (-0.007)
◾Brent Crude – 87.42 (+0.42)
◾BSE Sensex – 74,014.55 (+363.20)
◾NIFTY50 – 22,462.00 (+135.10)
May NY world sugar #11 (SBK24) on Monday closed up +0.20 (+0.89%), and May London ICE white sugar #5 (SWK24) did not trade with markets in Europe closed for the Easter Monday holiday.
Sugar prices on Monday settled moderately higher, with NY sugar posting a 1-month high. Monday’s rally in crude prices (CLK24) to a 5-month high is bullish for sugar. Strength in crude prices benefits ethanol prices and may prompt global sugar mills to divert more cane crushing toward ethanol production than sugar, thus curbing sugar supplies.
