London sugar futures settled mostly firmer on Wednesday on trade buying against trade and speculative selling in moderates volumes, dealers said. May closed up 60 cents at $344.10 per tonne in volume of 2,723 lots, after trading from $347.10 to $343.00.
August finished up 50 cents at $331.10 per tonne in volume of 938 lots, having moved from $333.50 to $330.00. October closed down 40 cents to $324.00 per tonne in volume of 373 lots. "One trade house has been buying heavily, against trade and spec selling," one trader said. Traders referred to possible hedge selling against an EU sugar export tender on Thursday, possibly in anticipation of a good-sized tonnage award.
COCOA ENDS UP: London cocoa futures closed higher due to a late short covering rally on Wednesday clawing back gains after a session dominated by speculative long liquidation, dealers said. May settled up 22 pounds at 979 pounds per tonne in volume of 6,291 lots, having moved from 988 to 949 pounds.
Total volume was 14,370 lots. Traders referred to a spurt of late buying on short-covering after a session characterised by technically-driven selling in a continuing correction to Monday's 997 pounds seven-month high.
"We've seen long liquidation, fund selling, against fund buying and industry buying," one trader said, referring to large long positions held by funds.
COFFEE LOWER: London robusta coffee futures closed lower on Wednesday as the market resumed its downward trend after Tuesday's technical correction, dealers said.
Benchmark May finished $7 lower at $1,483 a tonne after trading in a range of $1,491 to $1,470. Total volume was a light 9,801 lots. "The market is jittery," one dealer said, adding there was concern that a new wave of fund selling could hit the market. "They (funds) could come back and sell some more," another dealer said.
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