The March contract hit a 3-1/2-month high of 13.38. Prices have "gained support from news of a delayed start to Brazil's Center-South crop, the gain in oil prices that is likely to incentivise increased ethanol production in Brazil versus sugar, and expectations of lower 2019-20 Indian production," Standard Chartered said in a note.
The Jan. 16 high of 13.37 was the next technical objective for the May contract, said Boyd Cruel, senior market strategist at High Ridge Futures. "Rising prices are suggested by a number of different news reports," Commerzbank said in a note. "The National Federation of Cooperative Sugar Factories in India for example expects the country's sugar production to decline further next season after probably already falling short of the previous year's record of 32.5 million tons. ... the Federation also envisages lower exports."
May white sugar settled up $1.30, or 0.4 percent, at $359.10 per tonne. It earlier hit $360.00, setting a 3-1/2 month high for the second day in a row. Europe's largest sugar refiner Suedzucker plans to close a 50,000 tonne-a-year plant in Poland.
New York May arabica coffee settled down 0.8 cent, or 0.8 percent, at $1.0085 per lb after earlier touching $1, the lowest for the second position since Dec. 18. More moderate temperatures and rain in Brazil are boosting the production outlook for the world's top producer, dealers have said.
May robusta coffee settled down $17, or 1.1 percent, at $1,538 per tonne. Vietnam, the world's biggest robusta producer, exported 183,693 tonnes of coffee in January, customs data showed on Monday, higher than the government's estimate of 175,000 tonnes. May New York cocoa settled up $11, or 0.5 percent, at $2,350 per tonne. Earlier, technical buying helped boost the contract to a one-month high of $2,369.
May London cocoa settled down 17 pounds, or 1 percent, at 1,761 pounds per tonne, pressured by a firmer British pound. Ghana's 2018/2019 main cocoa crop is expected to yield between 650,000 and 700,000 tonnes of beans by the end of March, little changed from last season, exporters and pod counters said.