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ICE raw sugar gains nearly 3%

5 Oct 2022 8:48 am
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Mumbai, 5 OCT (Commoditiescontrol): ICE raw sugar futures climbed on Tuesday on tight supply concerns and the rally in crude oil prices are expected to prompt Barzilian crushers for biodiesel.

ICE March raw sugar contract ​settled 0.49 cents, or 2.8%, higher at 17.91 cents per lb, rebounding from the previous session's two-month low of 17.36 cents. December London white sugar rose $8.90, or 1.7%, at $533.10 a tonne.

Dealers said the strength of Brazil's real this week had provided some support as the market kept a close watch on the presidential election in the world's top producer.

They also said sugar was benefiting from overall positive sentiment across commodities and equities markets. Job openings fell by the most in the U.S. in nearly 2-1/2 years, giving hope the Federal Reserve could soon temper its aggressive rate hikes.

(By Commoditiescontrol Bureau: +91-22-40015505)

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