SOFTS-Raw sugar rises to 8-week high on tighter supply outlook

jueves 3 de marzo de 2016 08:11 GYT
 

* Dry weather in West Africa helps boost cocoa prices

* Rise in Brazil's real supportive for sugar, arabica coffee

By Nigel Hunt

LONDON, March 3 (Reuters) - Raw sugar futures rose to an eight-week peak on Thursday on the prospect of tightening supplies while arabica coffee and cocoa also advanced.

May raw sugar was up 0.03 cent or 0.2 percent at 14.70 cents a lb at 1142 GMT after earlier climbing to an eight-week high of 14.75 cents.

Dealers said a strengthening in Brazil's real currency against the dollar had helped to fuel this week's upward move in prices.

"This makes it less attractive for Brazilian sugar exporters to sell sugar on the world market. At the same time, this could see more sugar cane being turned into ethanol, which is consumed mainly on the domestic market," Commerzbank said.

"On balance, this means less sugar supply from Brazil, the world's largest sugar producer and exporter," the bank added in a market note.

May white sugar rose $1.70 or 0.4 percent to $416.40 per tonne.   Continuación...