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Wednesday, February 28, 2024

Raw sugar futures rise as crude oil prices climb

LONDON: Raw sugar futures rose on Monday buoyed by gains in crude oil and many other commodities although an improving outlook for production in India helped to limit the upside potential.

Sugar

May raw sugar rose 1.6% to 19.23 cents per lb by 1230 GMT.

Oil prices jumped more than $3 on Monday, with Brent crude climbing above $111 a barrel, as European Union nations considered joining the United States in a Russian oil embargo and after a weekend attack on Saudi oil facilities.

Higher energy prices can prompt cane mills in Brazil to divert output from sugar to ethanol, a cane-based biofuel.

Broker Marex said in a weekly update that estimates for India’s sugar production had risen to about 34 million tonnes from 31 million during the past couple of weeks and there was potential for them to climb further.

May white sugar rose 1.3% to $543.10 a tonne.

Raw sugar rallies as Petrobas says it will raise fuel prices

Coffee

May arabica coffee rose 0.4% to $2.2095 per lb.

Dealers said the market was regaining some ground after its recent sharp fall driven largely by liquidation of a long position.

Speculators cut their net long position in arabica coffee on ICE US in the week to March 15, data from the Commodity Futures Trading Commission showed on Friday.

May robusta coffee fell 0.3% to $2,161 a tonne.

Uganda’s coffee exports in February plunged 20% compared to the same period a year ago, the state-run sector regulator said on Saturday, attributing the decline to drought that cut yields in some parts of the country.

Cocoa

May London cocoa fell 0.5% to 1,705 pounds a tonne as heavy rains improved the outlook for the mid-crop in top grower Ivory Coast.

May New York cocoa rose 0.2% to $2,543 a tonne.

Raw sugar futures rise as crude oil prices climb

Source: Brecorder

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