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Sugar, coffee rise, focus on euro crisis plan

October 13, 2011 00:00:00


LONDON, Oct 12 (Reuters): ICE sugar, coffee and cocoa futures rose on Wednesday, buoyed by a weak dollar and expectations Slovakia's failure to ratify the euro zone's rescue plan was a temporary blip. World stocks and the euro hit three-week highs Wednesday while top-rated government bonds fell as investors looked to Slovakia to reach a deal on expanding the euro zone's rescue fund, enabling leaders to move on with efforts to tackle the debt crisis.Raw sugar futures extended gains as the dollar slid to a three week low against the euro, and were underpinned by tight supplies of Brazilian raw sugar, although expectations of big northern hemisphere crops will limit gains. "I think ICE raw sugar futures prices will remain in a 25-29 cents a lb range, depending on the news on the global economy," said Gary Mead, analyst with VM Group. ICE March raw sugar futures traded up 0.18 cent or 0.7 per cent at 26.12 cents a lb at 1120 GMT. December white sugar futures on Liffe rose $4.40 or 0.7 per cent to $672.90 a tonne in low volume of 746 lots.

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