Yesterday’s closing dated –14/12/2023
◾London White Sugar – 630.60s (+3.00)
◾NYBOT Raw Sugar #11 – 22.18s (+0.21)
◾USD/BRL- 4.9160 (0.0005)
◾USD/INR – 83.3300 (-0.0700)
◾Brent Crude – 76.61 (+2.352)
◾BSE Sensex – 70,514.20 (+929.60)
◾NIFTY50 – 21,182.70 (+ 256.35)
Sugar prices Thursday recovered from 8-1/2 month lows and settled moderately higher as short-covering emerged after the Brazilian real (^USDBRL) rallied to a 1-1/2 week high against the dollar. The weaker real discourages export selling from Brazil’s sugar producers.
On Thursday, sugar prices initially slumped to 8-1/2 month lows as Brazil ramps up sugar output. On Tuesday, Unica reported Brazil’s Center-South sugar output rose +35% y/y in the second half of November and that sugar output in the 2023/24 crop year through November rose +23.5% y/y to 40.817 MMT. Meanwhile, Brazil exported 3.7 MMT of sugar in November, marking a new record for the month
