London sugar moves up on trade, speculative buying

London white sugar futures closed marginally higher on trade and speculative buying on Wednesday, and traders said the mood of the market remained upbeat amid expectations of buoyant physical demand before Ramazan. October futures settled up 30 cents at $292.4 per tonne in volume of 2,035 lots, having moved from $292 to $295.
December concluded up $1.3 at $280.4 per tonne in volume of 993 lots after trading from $280 to $281.6.
Traders said participants were unwilling to sell due to expectations that white sugar futures prices, which are below seven-year front-month continuation highs, could rise.
They said they expected physical sugar demand from Middle Eastern, Asian and North African countries ahead of Ramazan, around October.
COCOA HIT BY PROFIT-TAKING: London cocoa futures drifted down on Wednesday, closing at their lowest in almost a week as the trade started to take profits, dealers said.
The September contract finished 10 pounds lower at 876 pounds a tonne, having traded an 871-893 range in volume of 2,876 lots. Total volume was 5,613 lots.
"We were trying to get higher, we are now seeing some liquidation," one dealer said. On Tuesday New York's market breached $1,500 a tonne - a five week high - on news of delays to the Ivory Coast peace process but light speculative profit-taking depressed prices on Wednesday.
Ivory Coast is unlikely to hold presidential elections as planned on October 30 due to missed disarmament deadlines and arguments over the country's peace plan, analysts said.
ROBUSTA COFFEE DOWN: London coffee futures closed about one percent down after market players took profits following the previous session's one-week high, dealers said.
London's front-month September finished $13 lower at $1,117 a tonne, compared with an day's low of $1,099 and a high of $1,140. Volume was 3,901 lots from a total of 7,954.
Dealers said the market was nervous after prices fell to a 3-1/2-month low of $1,050, basis September, on Tuesday before rebounding to close four percent higher at $1,130 thanks to New York's jump to a 19-day high.
Second-month November shed one percent to $1,147 on turnover of 3,429 lots.