Sugar has risen in price to a maximum in 4.5 years, and cocoa beans peaked in 5 months.

On Monday, raw sugar futures on the New York Stock Exchange ICE rose to a 4.5-year record amid solid buying and shrinking supply, while cocoa beans in London hit a five-month high.

The raw sugar contract for October delivery by 0.5% to 20.05 cents a pound. Previously, quotations reached their maximum since February 2017 at 20.17 cents.

Dealers report a reduction in supply due to expectations of a weak sugarcane crop in Brazil.

Speculators have increased the number of long positions in raw sugar on the ICE exchange from 18,012 contracts to 195,392 in the week ending August 10.

Refined sugar futures for October rose 1.2% to $ 496.90 per tonne.

Meanwhile, December cocoa bean futures in London rose 0.8% to £ 1.802 a tonne. Previously, the price climbed to 1,804 pounds, the highest in five months.

According to dealers, the cocoa bean market signals a recovery in demand amid the lifting of coronavirus restrictions in several countries.

Simultaneously, the supply remains high due to the growth of these raw materials in Côte d’Ivoire and in Ghana in the 2020-21 season, which lasts from October to September.

The contract for cocoa beans for December delivery in New York rose 0.7% to $ 2,638 per tonne.

Arabica’s coffee futures for December were up less than 0.1% to $ 1.8585 a pound. Robusta November futures added 0.4% to $ 1,843 per tonne.