SOFTS-Raw sugar hits 5-month high, cocoa also gains

LONDON, March 24 (Reuters) - Raw sugar futures on ICE rose to a 5-month high on Tuesday, boosted by gains in energy markets, while cocoa and arabica coffee prices also gained.

SUGAR

Raw sugar SBc1 ​rose 1.55% to 15.76 cents per lb by 1332 GMT after setting a five-month high of 15.79 cents.

Dealers said sugar had been boosted by the potential that higher gasoline prices could increase demand for biofuel ethanol and reduce production of sugar.

Brazil's state-controlled oil company Petrobras, which supplies around 80% of the gasoline in Brazil has yet to increase local prices.

"It is clear that the sugar market will remain sensitive to potential Petrobras pricing announcements, while the prospect of fund short-covering on such an announcement could further add to short-term upside volatility," Rabobank said in a note.

White sugar LSUc1 rose 2.2% to $458.70 per metric ton after hitting a 5-1/2 month high of $459.50.

COCOA

London cocoa LCCc1 gained 1% to 2,392 pounds a ton.

Dealers said the market derived support from broad-based gains in commodity market but were tempered by a generally favourable outlook for mid-crops in West Africa.

New York cocoa CCc1 rose 1.2% to $3,217 a ton.

COFFEE

Arabica coffee KCc1 gained 2.3% to $3.1410 per lb.

Dealers said the current slow pace of exports from top producer Brazil has helped to underpin prices although the prospect for a record crop this year continued to keep a lid on the market.

Robusta coffee LRCc2 fell 0.2% to $3,629 a ton.