Liffe white sugar futures posted strong gains on Thursday, boosted by trade and fresh fund interest as participants talked of potential purchases by Iran and China, dealers said. Structural trade boosted volume, while gains in New York were also seen to underpin the latest rise, they added.
Spot August closed $6.50, or nearly 2.6 percent, higher at $259.50 a tonne on 5,022 lots. It peaked at $259.80 - the highest level traded since March 18. Its lowest point was $253.10.
Second-month October added $5.20 to close at $250.50 on 2,248 lots.
The August/October spread stood at $8.70 ahead of the close compared with a premium of around $7.80 late on Wednesday.
Italy's intervention agency has accepted 20,000 tonnes of white sugar into intervention storage, while Hungary has received an offer of a further 17,000 tonnes, European Commission figures showed on Thursday.
The European Union sold 69,500 tonnes of white sugar at a maximum rebate of 39.902 euros per 100 kg at Thursday's tender, traders said.
COCOA DOWN: London's cocoa market finished a touch lower on Thursday as the market consolidated its recent rise and fund buyers retreated, traders said.
Liffe September closed three pounds lower at 887 pounds a tonne on volume of 4,326 lots. It traded between 897 and 873 pounds. Total volume was 9,446 lots.
Spot July settled four pounds lower at 878 after an 888-864 range.
Ivory Coast cocoa bean exports totalled 833,805 tonnes from October to May of the 2004/05 season, down more than five percent on a year earlier, port data showed on Thursday. Some 32,378 tonnes of beans were exported in May, compared with 48,606 in the same month a year ago.
COFFEE UP: London robusta coffee settled higher on Thursday, ignoring New York losses because of fundamental worries, dealers said.
Liffe's benchmark September increased $11 to $1,216 a tonne on turnover of 4,554 lots in a $1,235-1,196 range. Total volume reached 7,916 lots.
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