Yesterday’s closing dated – 31/05/2024
◾London White Sugar – 541.70s (+1.60)
◾NYBOT Raw Sugar #11 – 18.30s (+0.11)
◾USD/BRL- 5.2451 (+0.0417)
◾USD/INR –83.438 (+0.122)
◾Brent Crude – 81.37 (-0.51)
◾BSE Sensex – 73961.31 (+75.71)
◾NIFTY50 – 22530.7 (+42.05)
July NY world sugar #11 (SBN24) Friday closed up +0.11 (+0.60%), and Aug London ICE white sugar #5 (SWQ24) closed +1.60 (+0.30%).
Sugar prices Friday recovered modestly from the recent major lows due to some pre-weekend short-covering.
Sugar prices Friday were undercut by news of higher Brazilian sugar production. Unica reported Friday that Brazil’s sugar production in the first half of May rose by +1.0% y/y to 2.567 MMT from 2.542 MMT a year earlier. For the 2024/25 crop year through mid-May, sugar production rose +25.7% y/y to 5.135 MMT.
