London white sugar futures closed weaker on Thursday on light selling in thin turnover, traders said. Benchmark May settled down $1.6 or 0.36 percent at $444.5 per tonne in volume of 1,101 lots after trading from $448 to $444. August finished down $1.6 at $442.7 per tonne in volume of 713 lots, having moved from $445 to $442.5.
"It's been a sluggish day, not very good volume," a trader said. "There's been some profit-taking," he added, noting premiums had narrowed. "Everyone is looking for direction from New York but at the moment it sems to be stuck in a range."
Earlier traders noted limited hedge selling after an EU sugar tender award exceeded expectations. "There has been some light hedge selling against the tender result," a trader said.
The European Union sold 109,000 tonnes of white sugar at a maximum rebate of 29.800 euros per 100 kg at Thursday's tender, EU data showed. Bids were submitted for 226,750 tonnes.
Earlier on Thursday, traders forecast an award of 60,000 to 75,000 tonnes of white sugar at the tender. They forecast a maximum export rebate of 29.621-29.971 euros per 100 kg, compared with a theoretical maximum of 31.021 euros.
COCOA HIGHER: London cocoa futures closed slightly firmer on Thursday after touching a one-month high on speculative and trade buying, traders said.
Benchmark May ended up 14 pounds at 914 pounds a tonne in volume of 8,470 lots.
It rose to 919 pounds at midsession - the highest since February 14. The session's low was 889 pounds. Expired front-month March finished up 14 at 898 pounds in a volume of 1,903 lots. Total volume was 27,838 lots.
"When we got up to the highs, it looks like we ran into Ghana selling, which put the lid on things again," a trader said, noting speculators and trade were behind the market's rise.
"There was some belated hedging from people who got a bit hurt when they bought cocoa the last time Ghana was in," the trader said. He said narrowing spreads kept the market steady.
"Normally a narrowing in the structure is a precusor to a potential upward move in the market." New York futures rallied and triggered stop-loss buy orders by funds.
Exports of semi-finished cocoa products from Ivory Coast totalled 96,617 tonnes from October to January 2006, up by a third on the previous year, port data showed.
COFFEE LOWER: Liffe robusta coffee futures closed weaker on Thursday as pressures on the US arabica market encouraged speculative selling in London, dealers said.
Benchmark May robusta ended down $11 at $1,139 a tonne in a volume of 5,103 lots. It had traded it a tight range between $1,147 and $1,129. Spot March fell $11 to $1,117. Total volume was 7,683 lots. "New York has pulled the market down because of the stocks figures," a trader said, adding speculators were selling in the London market.