ICE Sugar Increases On Back Of Stronger Oil Prices



Raw sugar futures on ICE strengthened on Tuesday, boosted by gains in crude oil, according to Reuters.

ICE March raw sugar was up 0.11 cents, or 0.9%, at 12.86 cents per lb by 1140 GMT.

Oil prices rose on Tuesday on supply cuts by producer club OPEC and Russia, though a darkening economic outlook could soon weigh on growth in fuel demand.

Higher oil prices encourage increased use of cane in Brazil to make biofuel ethanol rather than sugar and can therefore curb output of the sweetener.

ICE March white sugar rose US$4, or 1.2%, to US$347.50 a tonne.

Germany’s second-largest sugar refiner, Nordzucker, on Tuesday became the latest European producer to report a slump in earnings after the collapse in prices.

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