Raw sugar climbed near the highest in more than four years amid a rally in oil prices and concerns about the impact of frost in Brazil.
Oil futures hit a six-year high after a bitter fight between Saudi Arabia and the United Arab Emirates over production, improving demand prospects for cane-based biofuel in Brazil and potentially tightening sugar supplies. A recent cold spell cut cane output expectations in Brazil, which has followed prolonged dry weather.
“The macro is generally positive this morning with crude at new high after the OPEC meeting was called off yesterday,” ADM Investor Services International said in a note. “Sugar looks likely to be well supported for the time being, with further gains looking likely.”
Raw sugar for October delivery rose 1.2% to 18.37 cents a pound in New York, near the highest since March 2017 for a most-active contract, as trading resumed following the Independence Day holiday. Futures have surged more than 50% in the past year after drought curbed Brazilian crop prospects. White sugar added 0.2% to $476.80 a ton in London on Tuesday.
In other soft commodities, arabica coffee dropped for a fifth day, falling 1% to to $1.516 a pound. The Brazilian coffee harvest is advancing, boosting near-term supply. Robusta coffee gained in London. Cocoa rose in New York, while the London contract edged lower.
— With assistance by Agnieszka de Sousa
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July 06, 2021 at 06:38PM
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Sugar Nears Four-Year High as Oil Rally Stokes Supply Worries - Bloomberg
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