Yesterday’s closing dated – 05/06/2024
◾London White Sugar – 560.30s (+4.50)
◾NYBOT Raw Sugar #11 – 19.13s (+0.27)
◾USD/BRL- 5.3021 (+0.0057)
◾USD/INR – 83.386 (-0.201)
◾Brent Crude – 78.41 (+0.89)
◾BSE Sensex – 74382.24 (+2303.19)
◾NIFTY50 – 22620.35 (+735.85)
Wednesday saw an uptick in July NY world sugar #11 (SBN24) by +0.27 (+1.43%) while Aug London ICE white sugar #5 (SWQ24) closed up by +4.50 (+0.81%).
The sugar market continued its upward trend this week, reaching new highs not seen in three weeks. This surge is attributed to growing concerns over erratic weather patterns globally, particularly in significant sugar-producing nations like Brazil, India, and Vietnam.
Despite the rise, gains in sugar futures were tempered by the Brazilian real (^USDBRL), which hit a 14-month low against the dollar. The devaluation of the real incentivizes export activities by Brazilian sugar producers.
