Yesterday’s closing dated – 03/04/2025
◾London White Sugar #5 (SWK25) – 543.80s (-9.10)
◾NYBOT Raw Sugar #11 (SBK25) – 19.11s (-0.48)
◾USD/BRL- 5.6290 (-0.0317)
◾USD/INR – ₹84.887 (-0.360)
◾Corn (ZCZ25) – 458-2 (+0-6)
◾Ethanol Chicago $/gal – (1.78500s -0.01500)
◾Brent Crude – $70.14 /bbl (-4.81)
◾BSE Sensex – 76295.36 (-322.08)
◾NIFTY50 – 23250.10(-82.25)
May NY world sugar #11 (SBK25) Thursday closed down -0.48 (-2.45%), and May London ICE white sugar #5 (SWK25) closed down -9.10 (-1.65%).
Sugar prices on Thursday settled sharply lower as President Trump’s reciprocal tariffs led to a risk-off sentiment in most asset markets anad concern about commodity demand. Also, Thursday’s -6% plunge in WTI crude oil (CLK25) to a 3-week low undercut sugar prices. Weakness in crude prices undercuts ethanol prices, which may prompt the world’s sugar mills to divert more cane crushing to sugar production rather than ethanol, thus boosting sugar supplies.
