Yesterday’s closing dated –18/01/2024
◾London White Sugar – 651.30s (+13.90)
◾NYBOT Raw Sugar #11 – 23.04s (+0.69)
◾USD/BRL-4.9299 (+0.0030)
◾USD/INR – 83.1225 (-0.0150)
◾Brent Crude – 79.10 (+1.22)
◾BSE Sensex – 71,186.86 (-313.90)
◾NIFTY50 – 21,462.25 (-109.70)
Sugar prices on Thursday rallied to 1-1/4 month highs and settled sharply higher. Sugar prices are seeing support from concern that the current El Nino weather pattern will curtail global sugar output. Sugar prices are also seeing support from signs that India’s ban on sugar exports will be maintained and keep global supplies tight after India announced a 50% export tax on molasses from sugar refining. That reduced the likelihood that India will lift its sugar export curbs in the foreseeable future.
