Raw sugar futures on ICE rallied on Monday, hitting their highest in nearly two weeks as funds rushed to cover their record net short positions and oil prices soared after an attack on Saudi Arabian oil facilities.
Cocoa prices hit 1-1/2 month highs.
October raw sugar was up 0.4 cents, or 3.6%, at 11.28 cents per lb by 1510 GMT, having earlier hit its highest in nearly two weeks at 11.29 cents. The contract set a near one-year low of 10.68 cents last Thursday.
Oil prices surged nearly 20% at one point on Monday after a weekend attack on Saudi Arabian oil facilities shuttered about 5% of the world's supply.
Rising energy prices can boost sugar by prompting Brazilian cane mills to produce more ethanol at the expense of the sweetener. Cane is a feedstock for both products.