Yesterday’s closing dated –28/02/2024
◾London White Sugar – 635.00s (+3.30)
◾NYBOT Raw Sugar #11 – 24.01s (+0.17)
◾USD/BRL- 4.9680 (+0.0005)
◾USD/INR – 82.916 (+0.006)
◾Brent Crude – 83.68 (+0.03)
◾BSE Sensex – 72304.88 (-790.34)
◾NIFTY50 – 21951.15 (-247.20)
March NY world sugar #11 (SBH24) on Wednesday closed up +0.17 (+0.71%), and May London ICE white sugar #5 (SWK24) closed up +3.30 (+0.52%).
Sugar prices on Wednesday extended this week’s gains, with NY sugar posting a 2-week high and London sugar posting a 1-week high. On Wednesday, sugar moved higher after the International Sugar Organization (ISO) more than doubled its 2023/24 global sugar deficit estimate to -689,000 MT from a November estimate of -335,000 MT. Sugar also has carryover support from Monday when Sucden predicted that India’s 2024/25 sugar production would fall -15.3% y/y to 28 MMT.
