Sugar Climbs After Brazil’s Gasoline Price Rise; Coffee Falls
This article is for subscribers only.
Sugar climbed on speculation that millers in Brazil, the world’s largest producer, will direct more cane to ethanol production after a gasoline price rise in the South American nation. Coffee and cocoa fell.
Petroleo Brasileiro SA, Brazil’s state-controlled oil company, will raise gasoline prices at refineries by 6.6 percent, according to a Securities and Exchange Commission filing dated yesterday. That may boost ethanol consumption, as most cars can run on both a mixture of gasoline and ethanol as well as on pure biofuel.