Yesterday’s closing dated – 10/06/2024
◾London White Sugar – 544.20s (-9.10)
◾NYBOT Raw Sugar #11 – 18.63s (-0.37)
◾USD/BRL- 5.3548 (+0.0001)
◾USD/INR – 83.516 (-0.011)
◾Brent Crude – 81.63 (+2.01)
◾BSE Sensex – 76490.08 (-203.28)
◾NIFTY50 – 23259.20 (-30.95)
July NY world sugar #11 (SBN24) on Monday closed down -0.37 (-1.95%), and Aug London ICE white sugar #5 (SWQ24) closed down -9.10 (-1.64%).
Sugar prices Monday fell to 1-week lows and settled with moderate losses due to weakness in the Brazilian real (^USDBRL), which fell to a 17-month low against the dollar. The weaker real encourages export selling from Brazil’s sugar producers.
Losses in sugar were limited after the International Sugar Organization (ISO) Monday raised its global 2023/24 sugar deficit estimate to -2.95 MMT from a February estimate of -689,000 MT. The ISO also raised its global 2023/24 sugar demand estimate to 182.2 MMT from 180.4 MMT, citing upward revisions to India’s consumption figures.
