London sugar higher

London white sugar futures reversed early losses and closed higher on speculative buying on Tuesday as the market tracked the rise in New York raw sugar futures, traders said.
Front month December settled up $5.1 at $298.6 per tonne in volume of 1,877 lots, after trading from $292 to $299. March concluded up $4.6 at $306.6 per tonne in volume of 1,603 lots, having moved from $301 to $307.
"There is short covering from specs, and the white to raws premium has dropped to $49-50 (March-March)," one trader said.
Liffe white sugar futures dipped during the morning, then entered positive territory on the back of speculative fund short-covering in NYBOT raw sugar futures, traders said.
Traders talked of recent Iranian interest in a cargo of raw sugar, but there was no immediate confirmation.
"There is freight interest in November tonnage of south Brazilian sugar to Iran," one trader said.
Overall physical business was light, with offers of Brazilian raw sugar at 0.65-0.70 cents a lb below NYBOT March for October delivery, traders said.
COCOA UP:
London cocoa rose on Tuesday on a lack of offer from producing countries and concern about a delay to exports from top grower Ivory Coast, dealers said.
Liffe's front-month December position ended 13 pounds, or 1.6 percent, higher at 834 pounds a tonne. It turned over 3,309 lots between 818 and 840. Total volume reached 6,140 lots.
The contract lost 23 pounds on Monday, partly on pressure from West Africa.
Exports of cocoa from Ivory Coast bought since the start of the 2005/06 season have been suspended because new tax rates in the world's top grower have not yet been set, industry sources said on Tuesday.
Liffe's second-month March added 13 pounds to end at 853 having traded 1,265 lots between 837 and 858.
COFFEE DOWN:
London's coffee futures ended lower on Tuesday after retreating from a six-week high when New York's arabica market retraced gains, dealers said.
Coffee rose earlier on nervousness about the threat of another storm battering coffee growing countries in Central America and the Caribbean, traders said.
Tropical Storm Wilma reached hurricane strength and headed towards the Gulf of Mexico and the Florida coast, the US National Hurricane Center said.
Liffe's second-month January robusta concluded $6 lower at $985 a tonne after trade of 7,092 lots in a $980-1,017 range.
"The uncertainty about Wilma's track certainly gives the market some support but any tightness is going to be seen in arabica," CoffeeNetwork analyst Andrea Thompson said.
London's front-month November contributed another 4,740 lots to the total 12,569 lot volume. The spot contract finished $7 easier at $962.