Speculators resume bullish bet on sugar as energy prices soar
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[NEW YORK] Speculators resumed their bullish bets in raw sugar futures on ICE US, sharply increasing their net long position in the sweetener in the week to March 8 as energy prices soared, data from the Commodity Futures Trading Commission (CFTC) showed on Friday (Mar 11).
Money managers and hedge funds added 63,497 contracts to their net long position in sugar to 99,091 in the period.
Sugar has been tracking gains in oil as higher fuel prices might prompt mills in Brazil to make more ethanol and less sugar. REUTERS
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