Raw sugar futures rise in New York, Arabica coffee prices resume rising
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London / New YORK (Reuters)-ICE raw sugar futures rose on Tuesday, buoyed by higher oil prices, while Arabica coffee futures also rose, recovering from the previous session's losses, when the contract fell to a new low.
In May, raw sugar closed up 0.11 cents, or 0.9%, at 12.59 cents a pound, still within the recent range of 12-13 cents.
Traders said higher oil prices supported sugar prices, which could encourage Brazilian sugarcane processors to produce ethanol rather than sugar.
In May, white sugar closed down 90 cents, or 0.3 percent, at $331.60 a ton.
Arabica coffee rose 1.1 cents, or 1.2%, to 95.35 cents a pound in May.
On Monday, the contract hit a low of 92.60 cents.
Open Arabica coffee contracts surged 2939 on Monday to a record 343033, according to ICE.
In may, robusta coffee closed up $11, or 0.73%, at $1510 a tonne.
New York could close 21 dollars higher, or nearly 1 percent, at $2237 a tonne in May.
The CCK9-N9 spread between May and July contracts reversed to a premium of $2.
Data released by the US government last week showed that speculators increased their ICE net short positions to an one-and-a-half-year high in the week ended March 19.
London could close up 10 pounds, or 0.6%, at 1687 a tonne in May. (end)
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