SOFTS-Raw sugar hits five-month high while coffee also gains

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

SUGAR

Raw sugar SBc1 was up 1.5% at 15.75 cents per lb by 1507 GMT after setting a five-month high of 15.81 cents.

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

Brazil's state-controlled oil company Petrobras, which supplies about 80% of the gasoline in Brazil has yet to increase domestic 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 2.5% to $460 a metric ton after hitting a 5-1/2 month high of $462.

COFFEE

Arabica coffee KCc1 gained 3.6% to $3.18 per lb after setting a seven-week high of $3.1950.

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

Robusta coffee LRCc2 rose 1.15% to $3,679 a ton.

COCOA

London cocoa LCCc1 gained 0.8% to 2,386 pounds a ton.

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

New York cocoa CCc1 rose 1.3% to $3,222 a ton.