Yesterday’s closing dated –06/02/2024
◾London White Sugar – 651.70s (+5.00)
◾NYBOT Raw Sugar #11 – 23.56s (+0.03)
◾USD/BRL- 4.9639 (-0.0215)
◾USD/INR – 83.050 (+0.012)
◾Brent Crude – 78.59 (+0.60)
◾BSE Sensex – 72186.09 (+454.67)
◾NIFTY50 – 21929.40 (+157.70)
March NY world sugar #11 (SBH24) on Tuesday closed up +0.03 (+0.13%), and March London ICE white sugar #5 (SWH24) closed up +5.00 (+0.77%).
Sugar prices on Tuesday recovered from 2-1/2 week lows and closed slightly higher. Short covering in sugar emerged after the Thai Sugar Millers Corp cut the high end of its Thailand 2023/24 sugar production estimate to 7 MMT to 7.5 MMT from a November estimate of 7 MMT to 8 MMT.
On the bearish side, StoneX raised its 2023/24 global sugar surplus estimate to 3.4 MMT on Monday from a previous estimate of 730,000 MT due to increased sugar output in Brazil.
