LONDON: Raw sugar futures on ICE were higher on Tuesday, buoyed partly by further gains in global equity markets on sentiment that the rollout of COVID-19 vaccines could lead to a durable economic recovery.
March raw sugar rose by 0.21 cents, or 1.3%, to 16.59 cents per lb by 1517 GMT. The front month had peaked at 17.05 cents last week, its highest since April 2017.
Dealers said the market was beginning to focus on what sugar was available to deliver against the March contract, which expires at the end of next week, with prices underpinned by the limited availability of supplies.
May white sugar fell by $0.30, or 0.1%, to $456.10 per tonne. The contract rose by almost 1% on Monday when the raw sugar market was closed.
Sugar group Tereos on Tuesday reported higher third-quarter core earnings on the back of improving sugar prices, but the French company said factors including the coronavirus pandemic and a weak Brazilian real would curb profits in the year ahead.
May arabica coffee rose by 2.55 cents, or 2.1%, to $1.2560 per lb, rebounding from a one-month low of $1.2210 set on Friday.
Dealers said rising hopes of an economic recovery had provided some support for coffee prices.
May robusta coffee was up $10, or 0.7%, at $1,366 a tonne.
May New York cocoa was down $21, or 0.9%, at $2,412 a tonne.
Dealers said the recent steady rise in certified stocks has diminished concerns about short-term tightness in supplies of deliverable cocoa.
ICE New York cocoa stocks stood at 321,506 bags, as of Feb. 15, up from 293,677 bags a week earlier.
May London cocoa fell by 13 pounds, or 0.8%, to 1,649 pounds a tonne.
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