London sugar ends down

12 May, 2004

London sugar futures closed weaker in a quiet session on Tuesday as bears consolidated their grip on spot months.
Front-month August settled down $1.60 at $214.00 a tonne in volume of 1,274 lots, having moved in a range between $216.40 and $213.50.
The October contract finished down $0.60 to $220.00 in volume of 133 lots.
Traders said they expected arbitrage to take place between the London August and New York July contracts at a whites-over-raws premium of $76.
"There is some buying by trade houses, but the market is quiet," one trader said.
Many London operators were away for the Sugar Club industry event in New York this week.
Traders were awaiting the result of the latest tender by Syria's state-owned importer Geza for 52,000 tonnes of sugar.
In fundamentals, Russia had sown 571,200 hectares with sugar beet by May 5, some 56.5 percent of the 1,010,600 hectares to be dedicated to sugar beet this year, the Russian Sugar Producers Union said on Tuesday.

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