Raw sugar futures rose to highest level in 12 years

ICE raw sugar futures rose to their highest level in 12 years on Tuesday amid fund buying, Nasdaq writes.

October raw sugar SBc1 rose 0.33 cents, or 1.2%, to 27.44 cents a pound, having earlier peaked at 27.62 cents, its highest level since October 2011.

The market remains buoyed by concerns that drier-than-usual weather associated with El Niño is likely to cut production in India and Thailand despite Brazil's near-perfect season.

“It appears that the Unica numbers no longer matter – despite the large volume added in the second half of August, funds and some trading are managing to push prices higher,” CovrigAnalytics said in a note.

Dealers said factories in Brazil's largest producer increased exports of white sugar thanks to high international prices, pushing up local prices.

December white sugar LSUc1 rose $4.10, or 0.6%, to $740.00 a metric ton.