LONDON: Raw sugar futures on ICE rose on Tuesday as the market resumed its recent uptrend after the prior session's setback, while London cocoa hit its weakest in 1-1/2 months ahead of key third quarter grinding data due later this week.
March raw sugar was up 0.17 cents, or 1.2%, to 14.01 cents per lb at 1333 GMT, after climbing to a 7-1/2 month peak of 14.55 cents on Monday, before closing down 2.7%.
Dealers said gains in crude oil provided some support while funds appeared unlikely to start liquidating longs en masse. There also remains uncertainty about India's export policy.
India has yet to announce the extent to which it will subsidise sugar exports this season, with talk the decision could be delayed until early next month.
Rains are forecast in Brazil over the next couple of weeks, easing some concerns over prospects for the 2020/21 crop.
December white sugar rose $5.20, or 1.4%, to $387.80 a tonne.
December London cocoa fell 29 pounds, or 1.7%, to 1,644 pounds per tonne, the lowest since late August.
Dealers are awaiting Thursday's third-quarter data on the European grind, a proxy for demand, after the second quarter grind fell 8.9% year-on-year.
"The Malaysian grind was down 16%. We'll see what the rest of them are. Economies have ongoing issues. GDP will be down considerably, that's usually a good indication of chocolate consumption," said a dealer.
December New York cocoa fell $66, or 2.7%, to $2,378 a tonne.
December arabica coffee rose 0.85 cents, or 0.8%, to $1.10 per lb, regaining some ground after Monday's 2.2% fall.
Rains should arrive in Brazil's coffee belt over the next 6-10 days, weather forecaster Maxar said. The forecast should ease concerns over prospects for top producer Brazil's 2020/21 coffee crop.
November robusta coffee rose $3, or 0.2%, to $1,236 a tonne.
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