London white sugar prices drift lower

14 Aug, 2004

London white sugar futures ended on a weaker note on Friday after day of quiet, mainly directionless trade, dealers said.
Front-month October closed $1.70 down at $239.5 a tonne, having moved between $239 and $242 on 1,473 lots from a total turnover of 2,389 lots.
December lost $2.10 to close at $245.1 a tonne on 561 lots.
"There's very little direction on either market, so the range has yet to be broken," a London broker said, adding that prices were little-changed for much of the session until New York raw futures opened and began to edge lower.
"It gave some people an excuse to sell, but there wasn't all that much volume in it," the broker said.
Traders said liquidity in London was low and that participation would probably worsen over the coming few weeks unless significant input is made.
Technicians see support for front-month November at $237.6 a tonne, ahead of resistance at $244.0.

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