London white sugar futures closed firmer on Monday after a session dominated by structural trades and Against Actuals (AAs, a form of hedging), and traders said the underlying tone of the market remained bullish.
Benchmark May settled up $5.30 or 1.12 percent at $476.80 in volume of 6,157 lots, after trading from $478.0 to $470.5.
Second-month August finished up $9.8 or 2.07 percent at $483.6 in volume of 4,682 lots, having moved from $484.5 to $473.0.
"There have been good volumes, with funds selling the May-August spread," one trader said.
Traders noted some trade buying, but said physical offtake appeared subdued.
They said the underlying sugar price outlook remained positive due to tight supplies and strong interest in the biofuel ethanol, which can be derived from cane sugar, due to high crude oil prices.
Some traders said Indian white sugar exporters could be well-placed in the latest auction to sell sugar to Pakistan.
COFFEE LOWER:
London robusta coffee futures closed lower on Monday in choppy trade dominated by two-way fund and speculative interest and arbitrage activity.
Benchmark May robusta ended down $6 at $1,106 a tonne after trading in a range from $1,117 to $1,098. July fell $7 to $1,122 a tonne, after moving from $1,134 to $1,115 a tonne.
COCOA FIRMER:
London cocoa futures closed higher on Monday, in a market influenced mainly by currency fluctuations as the dollar firmed against the pound, dealers said.
Benchmark May closed up 11 pounds at 925 pounds a tonne and the July contract finished up 10 pounds at 928 pounds a tonne.
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