Yesterday’s closing dated – 22/01/2025
◾London White Sugar #5 (SWH25) – 477.60s (+11.20)
◾NYBOT Raw Sugar #11 (SBH25) – 18.16s (+0.37)
◾USD/BRL- 5.9415 0.0000
◾USD/INR – ₹86.374 (-0.076)
◾Corn (ZCH25) – 482-2 -2-0
◾Ethanol Chicago $/gal – 1.69500s unch
◾Brent Crude – $79.00 /bbl (-0.29)
◾BSE Sensex – 76404.99 +566.63
◾NIFTY50 – 23155.35 (+130.70)
March NY world sugar #11 (SBH25) Wednesday closed up +0.37 (+2.08%), and March London ICE white sugar #5 (SWH25) closed up +11.20 (+2.40%).
Sugar prices Wednesday settled sharply higher after a rally in the Brazilian real (^USDBRL) to a 6-week high prompted short-covering in sugar futures. The stronger real discourages export selling from Brazil’s sugar producers.
An excessive short position by commodity funds in sugar futures could fuel any short-covering rally.
