London sugar weaker

London white sugar futures closed down almost two percent on Thursday after investment funds triggered sell stops in the afternoon, traders said. March settled down $7.0 or 1.89 percent at $363.00 per tonne in volume of 4,838 lots, after trading from $371.80 to $359.00.
May finished down $5.50 or 1.50 percent at $360.10 per tonne in volume of 1,330 lots, having moved from $366.00 to $354.90. During the afternoon, March futures dropped over two percent to a session low of $359.00 per tonne on fund selling before clawing back ground, traders said.
London futures traders considered a larger than expected delivery against Wednesday's expiry of the December contract to be bearish because of the unexpected deliveries of Thai, Chinese and UAE sugar. Euronext Liffe said on Thursday that 320,600 tonnes (ie 6,412 lots) of white sugar were delivered against the expiry.
COCOA DOWN: London benchmark cocoa futures closed down almost three percent due to a late burst of selling by investment funds on Thursday after a session spent largely in a narrow band, traders said.
"It is funds. It's technical," one trader said. December futures sank to a session low of 817 pounds per tonne before clawing back slightly to finish at 820 pounds, down 25 pounds or 2.96 percent, in volume of 6,036 lots.
March settled down 24 pounds or 2.77 percent to 842 in volume of 4,727 lots, having moved from 871 to 838. For much of the session, London cocoa futures had inched lower in rangebound trade dominated by spreads and Against Actuals (AAs - a form of hedging), traders said.
Cocoa giant Ivory Coast is building upcountry sales warehouses in a bid to raise farmers' incomes that could revolutionise the trade and push private merchants to the wall, an industry official said on Thursday.
COFFEE HIGHER: London robusta coffee futures closed higher on Thursday, boosted by speculative buying triggered by strength in New York, dealers said.
Benchmark January futures ended $6 higher at $1,562 a tonne after trading in a range of $1,581 to $1,552. Total volume was 24,236 lots. "There has been a lot of spec (buying) interest," one dealer said.