Morning Market Update- 23/01/2024

Yesterday’s closing dated –22/01/2024

◾London White Sugar – 663.00s (-0.60)

◾NYBOT Raw Sugar #11 – 23.50s (-0.07)

◾USD/BRL-4.9896 (+0.0004)

◾USD/INR – 83.116 (-0.007)

◾Brent Crude – 80.06 (+1.50)

◾BSE Sensex – 71683.23 (-259.58)

◾NIFTY50 – 21,585.70 (-36.70)

Sugar prices on Monday posted modest losses, as weakness in the Brazilian real prompted long liquidation in sugar futures. On Monday, the real (^USDBRL) fell to a 2-1/2 month low against the dollar, encouraging export selling by Brazil’s sugar producers.

Last Friday, sugar prices rallied to 6-week highs on 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 global supplies will be kept tight after India announced a 50% export tax on molasses from sugar refining. That reduces the likelihood that India will lift its sugar export curbs in the foreseeable future.