London sugar closes lower

London white sugar futures closed lower on Wednesday on speculator profit-taking, dealers said.
Front-month October settled down $3.90 at $250.7, having traded in a range between $250 and $256.4. Traders said key resistance remained at $257.0.
December finished down $3.4 at $253.6 in volume of 245 lots.
"Today is largely speculator profit taking, with probably producer sales," one trader said.
Traders said the market was taking profits after recent gains but bullish underlying sentiment remained intact on expectations of a global deficit into 2004/05 as consumption outpaced production amid forecasts of increased Indian demand.
Liffe sugar futures rose at the opening, then retreated on speculator profit-taking for the remainder of the session, dealers said.
In fundamentals, the World Trade Organisation has ruled against the European Union in a key battle with Brazil, Thailand and Australia over sugar export subsidies, a source close to the case said on Wednesday.
Separately, Brazil's Agriculture Minister Roberto Rodrigues said the ruling should allow Brazil to export 10 percent more sugar.
The first test of German sugar beet showed sugar content of 13.3 percent against 15.1 percent at the same time last year, the association of German sugar producers WVZ said on Wednesday.
Sugar content rose to 14.7 percent in the UK's first sugar beet test in 2004, compared with 14.3 percent a year ago and a five-year average of 14.5 percent, British Sugar said.