LONDON: Raw sugar futures on ICE rose again on Thursday helped by adverse weather in Brazil and India, with hopes that demand from China should improve also driving prices.
SUGAR: March raw sugar rose 1 percent to 19.67 cents per lb at 1522 GMT, after gaining 0.5 percent on Wednesday.
Dealers cited concerns that weather issues in top producers Brazil and India might hit production, although they said traders are waiting for more details.
As such, prices should consolidate at current levels with a bullish bias likely to result in a slow uptick, they said.
Oil prices rose thanks to hopes that easing anti-COVID-19 measures in China will revive demand. Rising energy prices can prompt cane mills in Brazil to produce more ethanol at the expense of sugar.
March white sugar rose 0.8 percent to $541.60 a tonne.
COFFEE: January robusta coffee fell 0.2 percent to $1,864 a tonne, heading back near Wednesday’s one-month peak of $1,887 * Coffee output in top robusta producer Vietnam is expected to drop by a fifth in the current crop year as extended rains and lower levels of nutrition have hit the quality of beans, traders said.