Yesterday’s closing dated – 24/04/2024
◾London White Sugar –576.60s (+3.40)
◾NYBOT Raw Sugar #11 – 20.00s (+0.09)
◾USD/BRL- 5.1472 (+0.0015)
◾USD/INR – 83.335 (+0.061)
◾Brent Crude – 88.02 (-0.40)
◾BSE Sensex – 73852.94 (+114.49)
◾NIFTY50 – 22402.40 (+34.40)
May NY world sugar #11 (SBK24) on Wednesday closed up +0.09 (+0.45%), and Aug London ICE white sugar #5 (SWQ24) closed up +3.40 (+0.59%).
Sugar prices posted moderate gains on Wednesday as they consolidated recent losses. Short covering has pushed sugar prices higher since last Thursday when Conab cut its Brazil 2023/24 sugar production estimate by -2.6% to 45.7 MMT from a November estimate of 46.9 MMT. Conab’s Brazil sugar production estimate was reduced since Conab raised its Brazil 2023/24 ethanol production estimate to 29.7 bln liters from a November estimate of 28 billion liters.
