Yesterday’s closing dated –14/02/2024
◾London White Sugar – 614.80s (+0.20)
◾NYBOT Raw Sugar #11 – 21.77s (-0.16)
◾USD/BRL- 4.9947 (+0.0052)
◾USD/INR – 82.883 (+0.033)
◾Brent Crude – 85.42 (+1.39)
◾BSE Sensex – 73097.28 (+335.39)
◾NIFTY50 – 22146.65 (+148.95)
May NY world sugar #11 (SBK24) on Thursday closed down -0.16 (-0.73%), and May London ICE white sugar #5 (SWK24) closed +0.20 (+0.03%).
NY sugar prices on Thursday continued to see downward pressure after the Indian Sugar and Bioenergy Manufacturers Association on Wednesday raised its forecast for India’s sugarcane production in the 2023-24 marketing year (that began on Oct 1) by +2.9% to 34 MMT from January’s forecast of 33.05 MMT. Higher sugarcane production likely means higher refined sugar production, depending on how much of that sugarcane is converted into ethanol.
