Morning Market Update- 08/12/2023

Yesterday’s closing dated –07/12/2023

◾London White Sugar – 646.10s (+2.50)

◾NYBOT Raw Sugar #11 – 23.03s (+0.03)

◾USD/BRL- 4.9120 (+0.0004)

◾USD/INR – 83.3525 (+0.0275)

◾Brent Crude – 74.05 (-0.25)

◾BSE Sensex – 69,521.69 (-132.04)

◾NIFTY50 – 20,901.15 (-36.55)

Sugar prices Thursday recovered from early losses and closed slightly higher as a weaker dollar spurred short covering in sugar futures. Sugar prices Thursday initially extended Wednesday’s sharp losses to a 5-month low on an easing of sugar supply concerns. Sugar prices have sold off sharply over the past week after Conab last Wednesday raised its 2023/24 Brazil sugar production estimate by +15% to 46.9 MMT from an August estimate of 40.9 MMT.


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