Europe: Raw sugar rallies after hitting seven-week low ahead of contract expiry

Raw sugar prices on ICE rallied on Tuesday after hitting seven-week lows in the previous session as the market came under pressure ahead of the front-month contract expiry, while London cocoa touched a nine-month high. July raw sugar rose 0.22 cents, or 1.8 percent, to 12.53 cents per lb, having hit its lowest since early March on Monday at 12.30 cents. May raw sugar, which expires later this session, traded at a discount of 67 cents to July, indicating poor nearby demand. On Monday the discount nearly doubled to 70 cents from Friday’s 39 cents.