Yesterday’s closing dated –02/01/2024
◾London White Sugar – 605.00s (+8.80)
◾NYBOT Raw Sugar #11 – 20.90s (+0.32)
◾USD/BRL- 4.9240 (+0.0000)
◾USD/INR – 83.3175 (+0.0800)
◾Brent Crude – 75.89 (-1.15)
◾BSE Sensex – 71,892.48 (-379.46)
◾NIFTY50 –21,665.80 (-76.10)
Sugar prices on Tuesday settled moderately higher on smaller sugar production in India after the National Federation of Cooperative Sugar Factories reported India’s sugar production from Oct 1-Dec 31 totaled 11.2 MMT, down -7.6% y/y.
Last Tuesday, NY sugar posted a 10-month low as prices have been hammered over the last six weeks after Brazil ramped up its sugar production. Last Tuesday, Unica reported Brazil’s Center-South sugar output surged +205% y/y in the first half of December and that sugar output in the 2023/24 crop year through mid-December rose +25.2% y/y to 41.746 MMT. Meanwhile, Brazil exported 3.7 MMT of sugar in November, marking a new record for the month.
