LONDON: Raw sugar futures on ICE surged to the highest level in more than two weeks on Monday as crop concerns in Thailand and strong demand from China helped to tighten supplies, while New York cocoa prices also rose sharply.
October raw sugar rose 0.64 cents, or 5.6%, to 12.13 cents per lb? by 1405 GMT after peaking at 12.14 cents, the highest level since July 9.
Dealers said supportive factors included demand from China, drought in Thailand and a stronger Brazilian real, which may curtail sales from the world's top exporter.
China's sugar imports in June were sharply above the same month last year.
October white sugar rose $13.40, or 3.8%, to $363.70 a tonne.
French sugar and ethanol group Tereos said it had secured a state-guaranteed loan of 230 million euros ($269 million), which should help it meet heavy challenges posed by the Covid-19 crisis.
September London cocoa was up 33 pounds, or 2.1%, at 1,579 pounds per tonne.
Dealers said funds were scaling back short positions with the market beginning to build a base after sliding to the lowest level in nearly two years earlier this month.
Cocoa arrivals at ports in top grower Ivory Coast reached 2.025 million tonnes between Oct. 1 and July 26, exporters estimated on Monday, down 5.8% from 2.149 million tonnes over the same period last season.
September New York cocoa rose $73, or 3.3%, to $2,297 a tonne.
September arabica coffee rose 0.95 cents, or 0.9%, at $1.0935 per lb, also buoyed by the strength of the currency of top producer Brazil.
September robusta coffee fell $7, or 0.5%, to $1,351 a tonne, in a modest retracement after the market's recent strong advance.
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