Yesterday’s closing dated – 08/10/2024
◾London White Sugar (SWZ24) – 575.10s +4.90
◾NYBOT Raw Sugar #11 (SBH25) – 22.49s -0.06
◾USD/BRL- 5.5350 +0.0001
◾USD/INR – 83.968 -0.032
◾Brent Crude – 77.18 (+3.75)
◾BSE Sensex – 81634.81 +584.81
◾NIFTY50 – 25013.15 (+217.40)
March NY world sugar #11 (SBH25) Tuesday closed down -0.06 (-0.27%), and December London ICE white sugar #5 (SWZ24) closed up +4.90 (+0.86%).
Sugar prices Tuesday settled mixed, with NY sugar posting a 1-week low. Sugar prices were undercut by Tuesday’s sharp drop of more than -4% in crude oil prices (CLX23). Weaker crude prices undercut ethanol and may prompt the world’s sugar mills to divert more cane crushing toward sugar production instead of ethanol, thus boosting sugar supplies.
