Yesterday’s closing dated – 03/12/2024
◾London White Sugar #5 (SWH25) – 553.20s (+5.50)
◾NYBOT Raw Sugar #11 (SBH25) – 21.37s (+0.30)
◾USD/BRL- 6.0440 (-0.0005)
◾USD/INR – ₹ 84.684 (-0.039)
◾Corn (ZCZ24) – c/lb 424-0 +0-6
◾Ethanol Chicago $/gal – 1.56750s (+0.02000)
◾Brent Crude – $73.62/bbl (+1.79)
◾BSE Sensex – 80845.75 (+597.67)
◾NIFTY50 – 24457.15 (+181.10)
On Tuesday, March NY world sugar #11 (SBH25) closed higher by +0.30 (+1.42%), while March London ICE white sugar #5 (SWH25) gained +5.50 (+1.00%).
Sugar prices saw moderate gains on Tuesday, supported by a weaker dollar and a +2% rise in crude oil prices (CLF25), which triggered short covering in sugar futures.
On Monday, NY sugar hit a 2-1/2 month low, while London sugar reached a 3-week low. An increase in sugar supplies is bearish for prices. On November 21, the International Sugar Organization (ISO) revised its 2024/25 global sugar deficit forecast to -2.51 MMT, down from the August projection of -3.58 MMT. Additionally, the ISO raised its 2023/24 global sugar surplus estimate to 1.31 MMT, up from the August estimate of +200,000 MT.
