London white sugar futures settled weaker on Tuesday after a choppy session that saw plenty of speculative sales and trade buying interest, dealers said. Liffe May settled $1 down at $251.70 a tonne in volume of 4,502 lots after trading between $254.90 and $251.70. Second-month August lost $2.90 to finish at $248.60 in volume of 1,372 lots, having moved between $253.00 and $248.50.
"It is trade buying - bits and pieces of possible offtake," one trader said after the market partially reversed the morning's losses, which were on speculative sales.
But dealers said late news that the EU had received offers totalling 320,000 tonnes of white sugar for the season to date weighed on the market. French sugar intervention board FIRS said the figure could rise further.
According to the latest Commitments of Traders report, the speculative net long position in NYBOT sugar No 11 futures fell to 61,383 contracts on March 22 from 68,715 contracts as of March 15.
The non-reportable net long position fell to 22,375 lots in the March 22 report from 31,902 contracts on March 15.
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