Yesterday’s closing dated – 03/06/2024
◾London White Sugar – 552.30s (+10.60)
◾NYBOT Raw Sugar #11 – 18.78s (+0.48)
◾USD/BRL- 5.2512 (+0.0044)
◾USD/INR –83.128 (-0.332)
◾Brent Crude – 78.36 (-2.75)
◾BSE Sensex – 76468.78 (+2507.47)
◾NIFTY50 – 23263.90 (+733.20)
July NY world sugar #11 (SBN24) on Monday closed up +0.48 (+2.62%), and Aug London ICE white sugar #5 (SWQ24) closed up +10.60 (+1.96%).
Sugar prices rallied on Monday, with NY sugar climbing to a 2-1/2 week high. Monday’s decline in the dollar index to a 2-week low sparked some short-covering in sugar futures.
Ramped-up sugar production in Brazil is negative for prices. Unica reported last Friday that Brazil’s sugar production in the first half of May rose by +1.0% y/y to 2.567 MMT from 2.542 MMT a year earlier. For the 2024/25 crop year through mid-May, sugar production rose +25.7% y/y to 5.135 MMT.
