London coffee gains

London robusta coffee finished stronger on Wednesday on fund buying but producer selling capped gains, dealers said.
Liffe's benchmark March contract rose $13 to end at $1,228 a tonne after 6,571 lots moved between $1,212 and $1,230. Total turnover was 8,486 lots.
"There is a steady tone to the market and funds are still active," a dealer said. "Origin are taking the opportunity to hedge at the higher levels."
Weather-induced delays to the harvest in Vietnam are still curbing supply.
Coffee has gained about 20 percent over the past two months, partly because unseasonal rain prevented farmers in Vietnam from drying out beans.
Coffee prices are expected to stay firm in 2006 despite a forecast big Brazilian crop, traders said Wednesday, looking forward to increased business. But they said that supplies will be tight before the next crop starts to land in June and that carryover stocks into the 2006/07 (July/June) crop year will be the lowest in years.
SUGAR RISES:
London white sugar futures rose at midday on Wednesday on trade buying, and traders reported brisk physical offtake by buyers concerned over dwindling stocks, and said they expected New York raws to open firmer.
Benchmark March was up $4.00 or 1.18 percent at $343.50 per tonne in volume of 796 lots at 1123 GMT, after trading from $343.80 to $339.50.
May was up $5.00 or 1.44 percent to $352.50 in volume of 63 lots.
Traders noted trade buying against speculator selling, and said they expected raw sugar futures to open 0.10-0.12 cents per lb higher.
COCOA LOWERL:
London's benchmark cocoa futures slipped on Wednesday, reversing the previous session's gains as market players deemed recent gains overdone, dealers said.
Spreads and trade Against Actuals accounted for much of the volume, which totalled 20,035 lots.
Liffe's benchmark March position closed 14 pounds, or 1.5 percent, down at 913 pounds a tonne after a 904-927 range and volume of 10,759 lots. Among other most-active contracts, July shifted 4,087 lots and closed 10 pounds off at 935.