Yesterday’s closing dated – 02/07/2024
◾London White Sugar (SWQ24) – 584.30s (-1.60)
◾NYBOT Raw Sugar #11 (SBV24) – 20.61s (+0.38)
◾USD/BRL- 5.6764 (-0.0013)
◾USD/INR – 83.454 (-0.008)
◾Brent Crude – 86.24 (-0.36)
◾BSE Sensex – 79441.45 (-34.74)
◾NIFTY50 – 24123.85 (-18.10)
October NY world sugar #11 (SBV24) on Tuesday closed up +0.38 (+1.88%), and Aug London ICE white sugar #5 (SWQ24) closed down -1.60 (-0.27%).
Sugar prices Tuesday settled mixed, with NY sugar climbing to a 2-1/2 month high. Below-normal rainfall in Brazil has sparked short-covering in NY sugar Tuesday due to concerns that dry weather will reduce sugarcane yields and curb Brazil’s sugar output. London sugar moved lower Tuesday after the European Commission’s Agriculture and Rural Development department projected EU 2024/25 sugar production would climb +5% y/y to 16.4 MMT.
