Raw sugar spikes to two-month high as market reverses after recent slide

Raw sugar futures edged up impressively on Tuesday to hit a two-month high as improving demand in the physical markets boosted sentiments. Prices have been under stress recently. The US sugar 11 futures fell around five-week low last week. Unica reported Brazil's Center-South sugar output in the first half of July rose 15% on year to 3.4 million metric tonnes or MMT. Market is also looking at steady outlook for Indian cane supplies. India's Meteorological Department has reported that cumulative monsoon rain in India is at 500.8 mm, or 4% above normal as of August 4. However, most of these factors seemed to have been factored in the prices now. Raw Sugar futures spiked around 2.80% in last session to approach 17 cents per pound mark.

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