Yesterday’s closing dated –07/11/2023
◾London White Sugar – 752.40s (-11.00)
◾NYBOT Raw Sugar #11 – 27.59s (-0.36)
◾USD/BRL- 4.8729 (0.0005)
◾USD/INR – 83.26 (+0.0425)
◾Brent Crude – 81.61 (-3.57)
◾BSE Sensex – 64,942.40 (-16.29)
◾NIFTY50 – 19,406.70 (-5.05)
Sugar prices Tuesday retreated from new 12-year highest futures highs and closed moderately lower as a slump in crude prices sparked long liquidation in sugar futures. On Tuesday, WTI crude (CLZ23) plunged more than -4% to a 3-1/2 month low, which undercuts ethanol prices and may prompt the world’s sugar mills to divert more cane crushing toward sugar production than ethanol, thus boosting sugar supplies.
