Raw sugar prices rose to near two-week highs, boosted by rising oil prices.

Driven by the rise in oil prices, raw sugar prices in the New York market climbed to a near two-week high. The increase in oil prices may prompt sugar mills in countries like Brazil to use more sugarcane for ethanol production rather than sugar production. Against the backdrop of recent gains in crude oil, raw sugar futures rose by 1.8% at one point, marking the third increase in four trading days. The rise in fuel prices may increase the demand for ethanol, and in countries like Brazil and India, sugarcane is also used for ethanol production.