White sugar futures have made gains in European commodities trading this afternoon (January 28th), on the back of a wave of technical buying amid speculation prices may have bottomed out.
The value of the sweet foodstuff strengthened as investors closed out bets that prices would fall again after futures moved into "oversold" territory.
Sugar futures have been under a lot of selling pressure lately, as sentiments on the ingredient were dampened on speculation international stockpiles are more than enough to meet global demand.
Indeed, Goldman Sachs slashed its 2013 price projections for the sweetener earlier in January, citing ample supply.
At 15:30 GMT on the Euronext LIFFE Futures index, White Sugar Futures rose by 1.6 per cent to $493.90 per metric tonne, while Cocoa Futures rallied by 0.2 per cent to £1419.00 per tonne and Robusta Coffee Futures advanced by 0.4 per cent to $1995.00 per tonne.
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