London sugar futures closed weaker on speculative selling against trade buying on Wednesday, and traders said the market could soon bounce higher. March settled down $6.30 at $361.20 per tonne after trading from $369.00 to $358.00.
Total volume was 6,457 lots. Traders said the London market had tracked New York raw sugar futures lower, and said the March-March London-New York whites-over-raws spread had traded steady at around $106-107.
The European Union may open a subsidised tender to export unwanted intervention sugar as an alternative for shifting the stockpile, given low interest in reselling it into domestic markets, officials said on Wednesday.
COFFEE HIGHER: London robusta coffee futures closed higher on Wednesday, boosted by speculative and fund buying although origin selling helped to trim gains in late trading, dealers said.
Most active March finished $8 higher at $1,467 a tonne, well below the day's high of $1,494 with weakness in New York futures also helping to pare gains. March bounced off support around $1,420 twice last week and on Tuesday slipped as low as $1,425 before origin sales dried up and prices recovered on trade and industry buying.
COCOA MOSTLY HIGHER: London cocoa futures ended mostly higher on Wednesday with business dominated by rolling forward of positions out of front month December ahead of its expiry early next week, dealers said. December finished down 8 pounds at 815 pounds but other months ended higher with March ending up 3 pounds at 853 pounds.
Total volume was a heavy 35,219 lots, almost half of which traded in the first few minutes with an 8,500 lot December/March spread trade at a discount of 29 pounds.