Yesterday’s closing dated – 02/01/2025
◾London White Sugar #5 (SWH25) – 513.00s (+6.00)
◾NYBOT Raw Sugar #11 (SBH25) – 19.73s (+0.47)
◾USD/BRL- 6.1521 (-0.0001)
◾USD/INR – ₹ 85.758 (-0.201)
◾Corn (ZCH25) – 459-2 (-0-2)
◾Ethanol Chicago $/gal – 1.67750s (unch)
◾Brent Crude – $75.93/bbl (+1.29)
◾BSE Sensex – 79943.71 (+1436.30)
◾NIFTY50 – 24188.65 (+445.75)
On Thursday, March NY world sugar #11 (SBH25) closed higher by +0.47 (+2.44%), while March London ICE white sugar #5 (SWH25) gained +6.00 (+1.18%).
Sugar prices experienced modest gains on Thursday, with NY sugar reaching a two-week high and London sugar rising to a one-week high. Concerns over reduced sugar production in India, the world’s second-largest producer, fueled short covering in sugar futures. The Indian Sugar and Bio-energy Manufacturers Association (ISM) reported that India’s sugar production for the period from October 1 to December 31, 2024, fell by 15.5% year-on-year to 9.54 million metric tons (MMT). This decline in output could lead the Indian government to maintain export restrictions, potentially tightening global sugar supplies.
