London sugar futures closed down on Wednesday as funds rolled their positions forward from the May to the August contract against a backdrop of profit taking and some long liquidation.
Front-month May settled down $2.40 at $213.10 a tonne, having moved between $216.00 and $213.00 on 2035 lots from total turnover of 3455.
Second-month August settled down $1.00 at $209.00 on 1069 lots.
The May-August spread was quoted around a $4.00 to $4.50 premium, down from around a $4.60 to $5.00 premium on Tuesday.
"We've seen a lot of funds rolling forward from May to August," said a trader. "If you take that out, you're left with long liquidation and profit taking."
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