Raw sugar futures on ICE jumped by about 5% on Friday as financial markets rebounded after central banks and governments poured unprecedented aid into the global economy in an effort to halt a coronavirus-driven recession.
Arabica coffee rose for a third consecutive day, helped by gains in wider financial markets and worries about potential supply chain disruptions because of the coronavirus.
May raw sugar ??was up 0.4 cents, or 4.2%, at 11.03 cents per lb by 1455 GMT, having hit its lowest since September 2018 on Thursday.
A dealer said that sugar would continue to rise in the short term, given that it is massively oversold, though a sustained rally is unlikely given the macroeconomic uncertainty.
May white sugar rose $7.40, or 2.3%, to $345.50 a tonne, having hit its lowest since last November on Thursday.
May arabica coffee rose 4.5 cents, or 3.9%, to $1.1795 per lb, having gained 4% on Thursday.
ICE certified stocks fell further, totalling 2.08 million bags at the last count, versus 2.18 million at the end of January.
Soaring arabica premiums in physical markets are deterring traders from delivering coffee to the exchange, where it commands little, if any, mark-up.
May robusta coffee rose $25, or 2.1%, to $1,241 a tonne.
May New York cocoa fell $16, or 0.7%, to $2,213 a tonne, having hit a six-month low on Thursday.
May cocoa could stabilise around support at $2,222 a tonne and bounce towards $2,305, technical signals indicate.
May London cocoa fell 19 pounds, or 1.1%, to 1,775 pounds a tonne.
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