London white sugar futures closed near a 5-1/2-week peak on Thursday, boosted by structural trades before the expiry of the front-month contract on Friday.
May settled up $10.50 at $348.50 per tonne, in heavy volume of 4,863 lots, after hitting a peak of $351.00 per tonne in afternoon trading, last reached on March 2. August closed up $1.50 at $321.50 in volume of 5,015 lots after trading from $324.0 to $320.0. Dealers noted heavy structural trades ahead of the May expiry on Friday, and a large open interest.
"The spread has gone from $16 out to $29, so there's a big fight between deliverer and receiver - the receiver for the time being is winning the game," one dealer said during afternoon trading.
COCOA ENDS DOWN: London cocoa futures closed lower on Thursday on likely speculative profit-taking from recent near four-year highs and a stronger pound against the dollar, dealers said. July settled down nine pounds to 1,038 pounds in modest volume of 2,931 lots, after trading from 1,047 to 1,022 pounds.
Total volume was a moderate 13,613 lots.
COFFEE SETS SEVEN-WEEK HIGH: London robusta coffee futures closed higher on Thursday, boosted by speculative buying with prices rising to a seven-week peak, dealers said. Benchmark May closed up $40 at $1,584 a tonne after touching $1,590, its highest level since February 22. Total volume was a heavy 43,034 lots.
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