London's white sugar market posted a new round of losses during a busy afternoon session on Thursday as falling prices in New York encouraged a fresh sell-off on the spot contract, dealers said.
Front month August closed $1.0 down at $216.5 a tonne, having moved between $217.6 and $213.5 on volume of 4,448 lots after hitting levels not seen since mid-May.
October settled $0.4 lower at $221.5 on volume of 547 lots from total daily turnover of 5,645.
"It's basically tracking New York. It's been a fairly large fund-rolling day there ahead of the holiday, which is pushing the July down...and basically dragging down sugar across the board," a trader said.
The CSCE is closed on Friday to mark the death of former President Ronald Reagan.
Dealers said that while funds were also active sellers in London, a bounce higher was looming.
"There is some fund liquidation, but not a huge amount of business physical-wise going on," said a trader, adding that whites were expected to firm up as attention turned to next year's European crop, with talk already circulating of possible area reductions in France.
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