Yesterday’s closing dated – 23/01/2025
◾London White Sugar #5 (SWH25) – 486.90s (+9.30)
◾NYBOT Raw Sugar #11 (SBH25) – 18.69s (+0.53)
◾USD/BRL- 5.9243 (0.0000)
◾USD/INR – ₹86.271 (-0.159)
◾Corn (ZCH25) – 486-6 -3-0
◾Ethanol Chicago $/gal – 1.67500s (-0.02000)
◾Brent Crude – $78.29 /bbl (-0.71)
◾BSE Sensex – 76520.38 +115.39
◾NIFTY50 – 23205.35 (+50.00)
March NY world sugar #11 (SBH25) Thursday closed up +0.53 (+2.92%), and March London ICE white sugar #5 (SWH25) closed up +9.30 (+1.95%).
Sugar prices Thursday rallied sharply for a second day and posted 1-week highs. Short covering in sugar futures accelerated Thursday after the Brazilian real (^USDBRL) rallied to a 6-week high. 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.
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