Raw sugar futures on ICE were higher on Thursday after a 1-1/2 year low in the prior session, boosted partly by a rebound in crude oil prices, while cocoa also edged up. May raw sugar was up 0.05 cent, or 0.5%, at 10.21 cents per lb at 1359 GMT. The front month had fallen to a 1-1/2 year low of 9.96 cents on Wednesday.
Dealers said the market had held up comparatively well on Wednesday in view of the sharp losses in crude oil, and there were signs that the selling pressure in sugar may be beginning to subside.
Brazilian cane mills tend to produce more sugar and less ethanol, a cane-based biofuel, when energy prices are weak. August white sugar rose $5.00, or 1.5%, to $336.70.
A total of 242,000 tonnes of mostly Indian white sugar has been tendered against the May contract on ICE Futures Europe, exchange data showed on Thursday. July London cocoa was up 7 pounds, or 0.4%, at 1,757 pounds a tonne.
Swiss chocolate maker Barry Callebaut said on Thursday it has to date not experienced any major disruption to its production operations due to the COVID-19 pandemic.
"Gourmet sales volumes are impacted by government restrictions on access to shops and restaurants," the company said, adding there were signs of a strong demand recovery in China. Ghana's graded and sealed (G&S) cocoa arrivals stood at 693,000 tonnes as of April 2 since the season's start on Oct. 1, figures from marketing board Cocobod showed on Thursday, down from 699,000 tonnes in the previous season.
July New York cocoa rose $4, or 0.2%, to $2,233 a tonne. July arabica coffee fell 1.35 cents, or 1.1%, to $1.1985 per lb. Brazilian coffee producers have already closed forward sales for 30.8% of the 2020/21 arabica coffee crop and 14% of the robusta crop, the head of government farm statistics agency Conab said on Wednesday. July robusta coffee fell $9, or 0.75%, to $1,197 a tonne.
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