London sugar higher

London white sugar futures closed slightly higher after a seesaw session in low volumes in which the market digested an EU sugar tender award in line with expectations, traders said.
Benchmark May settled up $1.60 at $437.30 per tonne in volume of 2,524 lots, after trading from $438.80 to $431.50. August concluded up $1.60 or 0.37 percent to $433.80 in volume of 303 lots, having moved from $434.00 to $429.00.
Traders noted a weakening of the London-New York May-May premium to $65-68 from the $70s per tonne on Wednesday, and said London-May-August spreads narrowed to $3.50 from $5.00.
They said the market appeared to be consolidating, but risked a possible break down lower. One trader referred to fund liquidations in morning trade in the London market, but noted that overall activity was light. The European Union sold 68,290 tonnes of white sugar at a maximum rebate of 30.713 euros per 100 kg at Thursday's tender, EU data showed.
COFFEE DOWN London robusta coffee futures closed marginally weaker on Thursday in a market dominated by speculative trading and led by a decline of coffee futures in New York, dealers said.
Benchmark May robusta closed down $10 at $1,215 a tonne, while spot March fell $5 to $1,197.
"It's more specs that have been trying to sell and trying to see the direction of the market led by the fall in the US," one trader said.
"The (London) market has come off a little bit because there aren't many buyers around," the trader said, noting the small amount of business going through the market. Total volume was 5,271 lots.
Prices have so far failed to build on a rally earlier in the week that took prices up to test the top end of a recent $1,243-$1,169 range. May peaked at $1,238 on Tuesday and has since declined.
COCOA EASES London cocoa futures closed slightly lower on Thursday as optimistic buying earlier in the session ebbed, dealers said.
Front-month March closed down four pounds to 848 pounds in volume of 4,135 lots, having moved from 868 to 847.
May finished down three pounds to 867 pounds in volume of 5,692 lots, after trading from 887 to 866 pounds. "The market was due unchanged this morning but there was a bit of optimism doing the rounds. It attracted a bit of fresh buying early this morning," one trader said.