Sugar rose for a second session amid signs that demand is increasing as the worst floods in half a century damage crops in Australia, the world’s third-biggest exporter. Coffee and cocoa also gained.
In the year starting July 1, Australian raw-sugar production may decline 10 percent to 3.8 million metric tons after wet weather in Queensland state, Rabobank International said today. Pakistan, Asia’s third-largest consumer, may import as much as 500,000 tons by June, the Agri Forum Pakistan, a grower’s group said.
“Ideas of tight supplies and strong demand continue to support futures, said Jack Scoville, a vice president at Price Futures Group, Inc. in Chicago. ‘‘Traders think that the overall situation remains bullish.’’
Raw sugar for March delivery gained 0.21 cent, or 0.7 percent, to settle at 31.74 cents a pound at 2 p.m. on ICE Futures U.S. in New York. The commodity gained 4.3 percent on Jan. 7.
Earlier, prices lost as much as 2.3 percent after India, the second-biggest producer, said it would maintain its plan to export 500,000 tons of the sweetener.
The commodity gained 19 percent last year on concern that adverse weather would lower output in China, Russia and Brazil, the biggest exporter.
In London, refined-sugar futures for March delivery advanced $10.40, or 1.4 percent, to $775.50 a ton on NYSE Liffe.
Arabica-coffee futures for March delivery gained 0.55 cent, or 0.2 percent, to $2.3125 a pound in New York. In London, robusta-coffee futures for March delivery rose $32 or 1.6 percent, to $2,055 a ton.
Cocoa futures for March delivery climbed $31, or 1.1 percent, to $2,881 a ton in New York. In London, cocoa futures for March delivery rose 12 pounds, or 0.6 percent, to 1,940 pounds ($3,022) a ton.
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