Yesterday’s closing dated – 23/07/2024
◾London White Sugar (SWV24) – 525.70s (-7.40)
◾NYBOT Raw Sugar #11 (SBV24) – 18.16s (-0.14)
◾USD/BRL- 5.5856 (+0.0010)
◾USD/INR – 83.696 (+0.020)
◾Brent Crude – 81.01 (-1.39)
◾BSE Sensex – 80429.04 (-73.04)
◾NIFTY50 – 24479.05 (-30.20)
October NY world sugar #11 (SBV24) on Tuesday closed down -0.14 (-0.77%), and Oct London ICE white sugar #5 (SWV24) closed down -7.40 (-1.39%).
Bearish factors for sugar included sharply lower crude oil prices (CLU24) and concern about the global economic outlook. Lower crude oil prices undercut ethanol prices and encourage Brazlian producers to mill more sugar. Today’s June US existing home sales report of -5.4% to 3.89 million was weaker than market expectations for a -3.2% drop to 3.98 million.
