NEW YORK/LONDON, May 22 (Reuters) – Raw sugar futures on ICE extended gains to reach the highest in more than five weeks on Tuesday, with the market underpinned by news that No. 2 grower India could build up government stockpiles of the sweetener in a move that could curb exports
* July raw sugar settled up 0.05 cent, or 0.4 percent, at 12.15 cents per lb, after rising to 12.29 cents, the highest since April 13.
* Total open interest rose to the highest since February 2008 at 1,036,966 lots on Monday, when the spot contract rallied 3.8 percent, its biggest one-day jump in 2018, ICE data show.
* Prices extended the prior session’s gains on support from news in India, where the government will build stockpiles of sugar to cut a surplus in the market, two official sources said on Tuesday.
* “This should also reduce the volume of Indian sugar that we could see exported onto the world market. We had been expecting India to export up to 3 million tonnes over the 2017-18 season,” ING said in a market note.
* August white sugar settled up $3, or 0.9 percent, at $343 per tonne.