Yesterday’s closing dated –09/10/2023
◾London White Sugar – 721.10s +11.90 (+1.68%)
◾NYBOT Raw Sugar #11 – 27.18s +0.44 (+1.65%)
◾USD/BRL- 5.1368 +0.0013 (+0.02%)
◾USD/INR – 83.27 (-0.0175)
◾Brent Crude – $ 88.15 +3.57 (+4.22%)
◾BSE Sensex – 65,512.39 (-483 points)
◾NIFTY50 – 19,512.30 (-141.20 points)
Sugar prices on Monday rallied to 2-week highs on account of a surge of more than +3% in crude oil prices. Higher crude prices benefit ethanol prices and may prompt sugar mills worldwide to divert more sugarcane crushing toward ethanol production rather than sugar, thus reducing sugar supplies.
The rupee settled flat at 83.27 against the US dollar due to a weak trend in domestic equities and surging crude oil prices in the international markets.
Sensex & Nifty buckled down amid geopolitical tension in Israel and erased all gains from the previous session. It also snapped a two-day winning run on October 9 and ended the day in negative territory.
