SOFTS-Raw sugar hits five-month high; arabica coffee jumps 3.5%

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

SUGAR

Raw sugar SBc1 ​settled up 0.36 cent, or 2.3%, at 15.88 cents per lb after setting a five-month high of 15.91 cents.

Dealers said sugar had been boosted by the potential that higher gasoline prices could increase demand for biofuel ethanol and reduce sugar production, in top grower Brazil and other countries.

Brazil's state-controlled oil company Petrobras, however, 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 3.1% to $462.60 a metric ton after hitting a 5-1/2 month high of $463.60.

COFFEE

Arabica coffee KCc1 settled up 10.85 cents, or 3.5%, at $3.1785 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.

"Brazilian farmers are in a comfortable position. They know exporters need the coffee, but they are in no rush to sell," said a trader working for an European merchant.

He said that although the consensus market view is for lower prices in the longer term, there is a tightness short term.

Robusta coffee LRCc2 rose 0.7% to $3,662 a ton.

COCOA

London cocoa LCCc1 ​settled up 34 pounds, or 1.4%, to 2,402 pounds per 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 1.7% to $3,235 a ton.