LONDON: Raw sugar futures on ICE were higher on Friday, buoyed by a broad-based rebound in financial markets, while coffee prices also rose.
May raw sugar rose by 0.08 cents, or 0.5%, to 15.17 cents per lb at 1133 GMT, edging away from a three-month low of 15.01 cents set on Thursday.
Dealers said concerns about nearby supply tightness were easing, partly due to the strong pace of exports from India, and May's premium to July had been weakening.
An expected slow start to the harvest in Centre-South Brazil and concerns about port congestion in the South American country helped to underpin prices.
May white sugar rose by $1.50, or 0.3%, to $440.70 a tonne. Gloomy European sugar beet farmers are cutting back plantings this year, discouraged by poor yields and low prices.
May arabica coffee rose by 2.05 cents, or 1.6%, to $1.2865 per lb. The contract dipped to a low of $1.2520 on Thursday, its weakest since Feb. 17.
Keeping up production and harvesting despite heavy rains are top challenges for coffee-growers in Colombia this year, the coffee federation said on Thursday, adding that producers are also working to maintain their income and avoid COVID-19 infections.