London sugar ends firmer

London white sugar futures closed firmer in light volumes on Friday, but traders said the market was stuck in a range and physical business was scarce. Front month December settled up $3.60 at $301.50 per tonne in volume of 914 lots, having moved from $301.50 to $295.50.
March ended up $4.00 at $308.00 in volume of 1,505 lots, after trading from $308.00 to $303.50.
"The market is in a range - sometimes it goes up and sometimes it goes down, but there is little going on. The physical market and futures are going in opposite directions," one trader said.
Traders said it is very hard to sell physical sugar, and that an Iranian purchase of 40,000 tonnes of raw sugar contracted last week was done at 0.70 cents a lb discount to NYBOT March and was seen as a good deal for the Iranians.
They said the latest Iraqi tender invitation for 200,000 tonnes of white sugar was likely to be a restructuring of previous business that was not completed.
In physicals, the Indonesian government has allocated 190,000 tonnes of white sugar for consumption and 110,000 tonnes for buffer stocks under the 2006 import quota, Trade Minister Mari Pangestu said on Friday.
Also, Russia refined 1,268,000 tonnes of white sugar from beet by October 19, 19 percent up on the 1,064,000 it had refined by October 20 last year because of an early start to harvesting, the Sugar Producers' Union said on Friday.
COCOA FLAT:
London cocoa closed flat on Friday as speculative buying steadied prices but West African supplies are expected to weigh on the market in coming weeks, dealers said.
Liffe's front-month December finished three pounds higher at 821 pounds a tonne having moved 3,425 lots between 822 and 813. Overall volume was 7,252 lots.
The release of US cocoa grindings for the third quarter and news that top grower Ivory Coast was close to setting cocoa export taxes for the new season, paving the way for a rise in supply, both failed to provide the market with much direction.
COFFEE STEADIES:
Liffe coffee closed little changed on Friday after New York's failure to break a recent high caused speculators in London to liquidate, erasing earlier gains, dealers said.
Liffe's most-active January coffee ended up $5 at $975 a tonne following an $989-968 range.
Volume in London stood at just over 4,357 lots on January and 3,428 lots on front-month November with market players focusing on switches. Total turnover was 8,889 lots. The spot November contract ended $6 higher at $953.