Yesterday’s closing dated – 11/06/2024
◾London White Sugar – 546.50s (+2.30)
◾NYBOT Raw Sugar #11 – 18.75s (+0.16)
◾USD/BRL- 5.3663 (+0.0001)
◾USD/INR – 83.584 (+0.067)
◾Brent Crude – 81.92 (+0.29)
◾BSE Sensex – 76456.59 (-33.49)
◾NIFTY50 – 23264.85 (+5.65)
July NY world sugar #11 (SBN24) on Tuesday closed up +0.16 (+0.86%), and Aug London ICE white sugar #5 (SWQ24) closed up +2.30 (+0.42%).
Sugar prices Tuesday recovered from 1-week lows and posted moderate gains. Short-covering emerged in sugar futures Tuesday after crude prices (CLN24) rallied to a 1-week high. Higher crude prices benefit ethanol prices and may prompt global sugar mills to divert more cane crushing toward ethanol production rather than sugar, thus curbing sugar supplies.
