13th April, 2023.
Yesterday the May New York World Sugar #11 and May London White Sugar #5 fell back from a 11 year high.
Brazil's increased sugar output sparked long liquidation pressures in sugar futures after UNICA reported that Brazil's 2022/23 sugar season production from Oct through March rose +5.2% y/y to 33.728 MMT.
Settlement Day - 14th April Friday, heavy selling to expect. If the #5 index decreases on the 14th of April, Indian Sugar price will also fall in a similar pattern. The price rally in India took support from the rise of Sugar price on the international market, although both these markets are not interrelated due to Indias ban on export of Sugar. Hence we will now have to face the results once the 14th April numbers are out for the #5.
The London #5 was down by 8 yesterday, corresponding to a decrease of Rs. 1.4 per kg of Sugar.
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