Liffe sugar up

Liffe March white sugar closes $17.60 higher at $799.10 per tonne on Wednesday after raw sugar futures surged on fund buying. Markets focus on a potential early cut in the import duty in Russia, a key sugar consumer, which would boost demand.
Liffe May cocoa ended 3 pounds higher at 2,179 pounds a tonne after rising to a six-month peak of 2,269 pounds on Monday. New sales offers from top grower Ivory Coast have virtually stopped following a call for a month-long export ban, traders said. But most of the main cocoa crop has already been exported, and prices may be overextended, dealers said.
Liffe March robusta coffee ended up $2 at $2,096 a tonne, below its 2-1/2-year peak of $2,185 a tonne. Robusta prices have benefited from roaster substitution as higher-quality washed arabica beans remain in short supply. New sales offers for cocoa beans and products such as cocoa butter and powder from Ivory Coast have virtually stopped, several major European physical cocoa traders said on Wednesday.
Some dealers have said the rally in cocoa prices was overextended, especially as most of the main Ivorian crop has already been exported and some beans could still reach markets through smuggling into neighbouring countries such as Ghana. "In the long-run, cocoa will come out, which is why you've seen a bit of selling coming into the market," a London-based trader said. "It's a tad overbought. "But Gbagbo still hasn't gone, and there's still risk of civil war, so not many people are still prepared to sell it outright," the trader said.
Ouattara's camp warned of sanctions if exporters violate the ban, and five major exporting companies have stopped registrations of beans along with agribusiness giant Cargill, the top exporter of Ivorian cocoa. Together, the six firms account for the majority of the Ivorian cocoa crop, according to a Reuters calculation. Analysts said the exporters can afford to comply with Ouattara's call as the main Ivorian crop season is winding down.