Morning Market Update- 05/06/2024

Yesterday’s closing dated – 04/06/2024

◾London White Sugar – 555.80s (+3.50)

◾NYBOT Raw Sugar #11 – 18.86s (+0.08)

◾USD/BRL- 5.2901 (+0.0040)

◾USD/INR –83.530 (+0.427)

◾Brent Crude – 77.52 (-0.84)

◾BSE Sensex – 72079.05 (-4389.73)

◾NIFTY50 – 21884.50 (-1379.40)

July NY world sugar #11 (SBN24) Tuesday closed up +0.08 (+0.43%), and Aug London ICE white sugar #5 (SWQ24) closed up +3.50 (+0.63%).

Sugar prices Tuesday rose to 3-week highs and closed moderately higher. Increasingly volatile weather globally, including in key sugar producers such as Brazil, India, and Vietnam, is raising the risk premium in sugar prices.

Gains in sugar futures were contained Tuesday after the Brazilian real (^USDBRL) fell to a 14-month low against the dollar. The weaker real encourages export selling by Brazil’s sugar producers.


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