Sugar rebounded in New York on speculation rains will curb output in Brazil while India boosts exports. Cocoa fell.
Sugar gave up earlier gains to retreat in New York and London as the dollar’s rally eroded the appeal of some commodities as an alternative investment.
Sugar gained for the first day in three on renewed concern that the crop in Brazil, the biggest producer and exporter, may decline more than forecast. Coffee and cocoa declined.
Sugar declined for a second day in London on speculation producers in Thailand, the world’s second- biggest shipper, are re-melting more raw sugar into the white variety to meet demand for Ramadan. Coffee retreated.
Sugar advanced in London to the highest price in a month and reached a two-week high in New York on speculation that anti-government protests in Thailand may exacerbate a production shortfall.
Sugar rose to a 12-week high in New York on speculation Asian demand will help to keep consumption steady and on loading delays at ports in Brazil, the world’s biggest producer.
Sugar rose in London and New York, paring bigger gains after the dollar rebounded from a slide. Cocoa in London rose to the highest price since at least 1989.
Raw-sugar futures rose, extending a rally that sent prices to a four-month high last week, amid concern that supplies will be disrupted from Brazil, the world’s largest grower and exporter.
London-based broker Sucden Financial Ltd. hired Kevin Watkins to develop its coffee business, the company said in an e-mailed statement.
Sugar fell for a third day in New York on speculation that rains causing harvest delays in Brazil will help boost production later in the season. Cocoa advanced, and coffee declined.
"Apparently, the strength in the market has brought in producer selling from Brazil, India, Mexico."
- Thomas Kujawa on Oct 16, 2013