Yesterday’s closing dated –22/12/2023
◾London White Sugar – 590.20s (+3.50)
◾NYBOT Raw Sugar #11 – 20.62s (+0.38)
◾USD/BRL- 4.8590 (-0.0254)
◾USD/INR – 83.15 (-0.12)
◾Brent Crude – 79.18 (-0.21)
◾BSE Sensex – 71,106.96 (+241.86)
◾NIFTY50 – 21,349.40 (+94.35)
Sugar prices on Friday ran into some short-covering after the recent sharp declines.
On Thursday, NY sugar posted a 9-3/4 month low, and London sugar posted a 9-month low. Sugar prices have been hammered over the last five weeks as Brazil ramps up sugar output. Last 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.
