Morning Market Update – 21/09/2024

Yesterday’s closing dated – 20/09/2024

◾London White Sugar (SWZ24) – 584.90s (+16.30)

◾NYBOT Raw Sugar #11 (SBV24) – 22.66s (+0.73)

◾USD/BRL- 5.5103 (+0.0840)

◾USD/INR – 83.511 (-0.109)

◾Brent Crude – 74.72 (-0.16)

◾BSE Sensex – 84544.31 (+1359.51)

◾NIFTY50 – 25790.95 (+375.15)

October NY world sugar #11 (SBV24) Friday closed up +0.73 (+3.33%), and December London ICE white sugar #5 (SWZ24) closed up +16.30 (+2.87%).

Sugar prices Friday extended this week’s parabolic rally, with NY sugar posting a 6-3/4 month high and London sugar posting a 2-1/2 month high. Sugar prices are soaring as drought conditions in Brazil threaten its sugarcane crops. Gains in sugar accelerated Friday after Rabobank cut its 2024/25 Brazil sugar production forecast to 39.3 MMT from a previous forecast of 40.3 MMT.

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