London sugar futures closed higher on trade and speculative buying and spread activity in thin volumes, and traders said the market was seeking direction. December settled up $4.30 at $396.80 per tonne after trading from $399.00 to $390.00. Total volume was a light 3,293 lots.
"Volumes have been thin, but there has been trade buying in London, following New York," one trader said. "Activity is mainly by trade and locals, with some light spread activity."
"We found support once New York regained its poise," one dealer said, both buyer and selling had been largely speculative with little trade involvement. The November contract finished down $1 at $1,469 a tonne after slipping to a low of $1,457 during the afternoon as New York prices weakened. Total volume was 8,202 lots.
Total volume was 10,798 lots. "The funds are looking for a break on the downside," said one trader, noting there were few origin sellers.