Yesterday’s closing dated –04/12/2023
◾London White Sugar – 709.50s (+12.70)
◾NYBOT Raw Sugar #11 – 25.81s (+0.72)
◾USD/BRL- 4.9449 (+0.0017)
◾USD/INR – 83.3650 (-0.0775)
◾Brent Crude – 78.03 (-0.85)
◾BSE Sensex –68,865.12 (+1383.93)
◾NIFTY50 – 20,686.80 (+418.90)
Sugar prices on Monday recovered from early losses and closed sharply higher on short-covering after recent losses. On Monday, NY sugar initially fell to a 3-1/4 month low, and London sugar fell to a 2-month low, as an increase in Brazil’s sugar production alleviated supply concerns. Last Wednesday, Conab raised its 2023/24 Brazil sugar production estimate by +15% to 46.9 MMT from an August estimate of 40.9 MMT.
