White sugar rises in London

White sugar rose in London on speculation importers will bolster stockpiles. Trading Corp of Pakistan invited bids for the import of 200,000 metric tonnes of white sugar and asked bidders to apply by May 29, according to a statement. Asia’s third largest user of sugar requires a total of 1.2 million tons of the sweetener to help bridge a gap in supplies. White sugar for August delivery advanced $11.50, or 2.5 per cent, to $480 a tonne on the Liffe exchange in London at 12:36 pm local time. Prices also rose as the dollar weakened, making raw materials priced in the currency less expensive for holders of other monies. The US Dollar Index, a six-currency gauge of the greenback’s value, lost as much as 1.3 per cent, reaching its lowest level since March 18. Raw sugar for July delivery gained 1.6 per cent to 17.03 cents a pound on ICE Futures US in New York. Cocoa for May delivery slipped 3 pounds to £2,128 ($3,279) a tonne on Liffe. Robusta coffee for May delivery rose $7, or 0.5 per cent, to $1,347 a ton.