Morning Market Update- 18/01/2024

Yesterday’s closing dated –17/01/2024

◾London White Sugar – 637.40s (-7.00)

◾NYBOT Raw Sugar #11 – 22.35s (-0.17)

◾USD/BRL-4.9354 (+0.0005)

◾USD/INR – 83.1375 (+0.0675)

◾Brent Crude – 77.88 (-0.41)

◾BSE Sensex – 71,500.76 (-1628.01)

◾NIFTY50 – 21,571.95 (-460.35)

Sugar prices on Wednesday fell back from 1-month highs and closed lower as weakness in the Brazilian real weighed on sugar. The real (^USDBRL) Wednesday fell to a 1-month low against the dollar, fueling long liquidation in sugar futures. The weaker real encourages export selling by Brazil’s sugar producers.

Sugar prices Wednesday initially posted 1-month highs on concern about the disruption to global sugar production caused by the current El Nino weather pattern.


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