Raw Sugar hits three-week high

Raw sugar futures on the ICE exchange hit around three-week high on Monday as a recent rally extended. Markets are eying the developments in top producer Brazil and a rally in crude oil prices driven by stalled United States-Iran peace negotiations is also keeping sentiments supported. Sugar had slipped recently and fell near six-year lows. The commodity is still down more than 8% this month. Raw sugar surged 1.6% to 14.20 cents per pound. Brazilian state-run oil company Petrobras announced it would raise the average price of jet fuel sold to distributors by 18% from May 1. This is set to push up demand for ethanol and could cap Sugar supplies in the country.

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