London white sugar futures closed lower on profit-taking after spending much of the afternoon session firmer on Wednesday on trade and speculative buying, traders said. Front-month December settled down 10 cents at $298.50 per tonne in volume of 1,763 lots, while March ended down 90 cents at $305.70 per tonne in volume of 1,266 lots.
"London tracked New York in the afternoon and there was some late profit taking after spending much of the afternoon session in positive territory on trade and spec buying," a London trader said.
Traders also referred to hedge selling by producers against Thursday's EU sugar export tender.
British Sugar, the UK's leading supplier, on Wednesday urged UK growers to boost beet yields to 70 tonnes per hectare, from an average of 58 now, in order to maximise efficiency as the sector prepares for sweeping price cuts under EU reform proposals.
Speaking at Beet UK in Lincolnshire, the premier agricultural show for UK beet growers, Karl Carter, British Sugar's director for agriculture and operations, told Reuters that the UK harvest was proceeding well in favourable weather, and predicted 2005/06 UK sugar output of around 1.3 million tonnes, similar to the previous year.
COCOA SLIGHTLY UP: London cocoa prices were broadly stable on Wednesday, shrugging off currency moves to keep within the range of the past three sessions, dealers said.
Liffe's front-month December concluded at 837 pounds a tonne, up three pounds after trading between 843 and 828 in volume of 2,512 lots.
Total volume was 11,747 and dealers noted switches boosting turnover on back months.
COFFEE EASES: London coffee futures slipped on Wednesday after the New York arabica market retreated, undermining robusta's earlier performance, dealers said.
Liffe's second-month January contract made a session high of $1,011, not far from the previous day's six-week peak of $1,017, but it finished $15 lower at $970. Volume was 5,952 lots.
Front-month November was $16 weaker at $946 on 5,593 contracts.
Total volume was 12,499 lots after switches on the front two months bumped up turnover.