Sugar Increases Boosted by Oil Gains

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03 April 2008 @ 03:54 pm EST

Sugar increased on Thursday as crude oil gained amid speculation that demand for fuels made from cane will increase.

Sugar futures for May delivery increased by 0.6 percent or 0.1 cent to 11.84 cents a pound on ICE Futures U.S. formerly the New York Board of trade.

Sugar has declined by 21 percent since gaining as high as 15.07 cents on March 3.

Crude oil increased on concern that the dollar's rally against the euro will fall due to a tumbling economy.

Ethanol posted high gains yesterday after gasoline, with which it's mixed, and corn made much gain.

Sugar prices were also boosted by speculation that the next harvest in Brazil's center-south region may be delayed by two weeks.

This article is copyrighted by International Business Times.

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