Yesterday’s closing dated –29/09/2023
◾London White Sugar – 705.90s -10.70 (-1.49%)
◾NYBOT Raw Sugar #11 – 26.27s -0.46 (-1.72%)
◾USD/BRL- 5.0341 +0.0010 (+0.02%)
◾USD/INR – 83.18 +0.030
◾Brent Crude – 92.09 USD -1.01 (-1.08%)
◾BSE Sensex – 65,828.41 +320.09 (0.49%)
◾NIFTY50 – 19,638.30 +114.75 (0.59%)
Sugar prices Friday settled moderately lower, with London sugar falling to a 4-week low. Sugar has been under pressure this week as Unica reported that Brazil Center-South sugar output in the first half of September rose +8.5% y/y to 3.116 MMT. Sugar output in the 2023-24 crop year through mid-September rose +18.7% y/y to 29.258 MMT. Also, 49.37% of the crushed sugarcane was used for sugar production this year, an increase from 45.47% last year.
Both the indices closed on Friday on a positive note, with good gains. It was primarily driven by positive global cues and investments in the metal, oil & gas, and power sectors.
