Raw sugar futures on ICE rose on Friday as the market extended its rebound from a 1-1/2 year low set earlier this week, while cocoa prices also climbed.
May raw sugar was up 0.17 cents, or 1.7%, at 10.33 cents per lb at 1408 GMT. The front month had fallen to a 1-1/2 year low of 9.96 cents on Wednesday.
Dealers said selling pressure appeared to have at least temporarily subsided, while volume was boosted by the rolling forward of positions out of May into July with the front month due to expire at the end of this month.
Brazilian sugar and ethanol companies are going into survival mode, cutting back harvest operations and tapping into credit lines to weather the slump in fuel demand caused by the coronavirus pandemic.
August white sugar rose $2.20, or 0.65%, to $340 per tonne. July New York cocoa was up $91, or 4.0%, at $2,347 a tonne after climbing to a one-week high of $2,362.
July London cocoa was up 40 pounds, or 2.25%, at 1,817 pounds a tonne. July arabica coffee fell 0.65 cents, or 0.5%, to $1.1905 per lb. July robusta coffee fell $3, or 0.25%, to $1,202 a tonne.
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