Commodities Buzz: Global Sugar futures spike to five-month high amid war concerns

Global Sugar futures are soaring, recovering heavily from multi-year lows. New York Raw Sugar hit the highest level since October as a rally in oil prices amid the ongoing disruptions in the Strait of Hormuz. Rising gasoline prices are making ethanol more expensive and boosting Sugar. US gasoline rallied to a 3.5-year high on Thursday, which may prompt sugar mills globally to increase ethanol production. The strait is also a key route for delivering raw sugar to refineries in the Middle East. These factors are combining to push the Raw Sugar futures above 15 cents per pound.

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