London March white sugar futures closed higher on Tuesday on late fund buying in strong volumes as the December contract expired, traders said.
December settled up $9.30 or 3.35 percent at $286.80 per tonne in volume of 516 lots. March concluded up $8.10 or 2.78 percent at $299.10 per tonne in volume of 3,496 lots after trading from $300.00 to $290.70.
"Funds drove up raw sugar futures in New York, and then drove up London, too," a senior trader said.
Traders said the market was bouncing back from its floor after a heavy bout of selling since late last month when the World Trade Organisation ordered the European Union to sell surplus supply to the world market in less time than previously expected.
Traders said they expected small-to-zero deliveries against the expiry of the December contract.
Egypt's Sugar and Integrated Industries Company (SIIC) cancelled its tender to buy 80,000 tonnes of raw sugar because it found prices too high, a senior official from the state-run firm said.
COFFEE LOWER: London robusta coffee futures closed lower on Tuesday, weighed down mainly by speculative selling, traders said.
Liffe's most-active January settled down $10 at $1,022 a tonne in volume of 4,911 lots, having touched a one-week low of $988 in late trade.
Total volume was 7,761 lots. "The market is mainly pressured by speculative and light fund selling," said one analyst.
New York benchmark coffee futures fell four percent to a one-month low on Tuesday on heavy speculative selling, with a lack of roaster buying fuelling bearish sentiment.
London's January contract hit a three-month high on Friday, with the run-up driven by fund buying.
COCOA FLAT: London cocoa futures closed flat after a session marked by short covering against light industry selling on Tuesday, traders said.
Front-month December settled up one pound at 794 pounds per tonne in volume of 5,174 lots, having moved from 814 to 791 pounds.
March concluded down two pounds at 816 in volume of 5,047 lots after trading from 836 to 814 pounds.
"New York pushed the London market higher in the afternoon," one trader said.