London sugar futures closed little changed amid switch trading as the market rolled from the May contract into August and arbitrage between the London and New York markets.
The May contract, which ends on Thursday, ended down $0.2 at $229.00 per tonne after trading between $230.2 and $225.50 in volume of 4,141 lots.
The August contract settled at $225.0, off $0.1, after trading in a range from $225.9 and $221.0 in volume of 4,763 lots and open interest of 31,985. "The market is switch trading before the expiry - liquidating May positions and rolling into August," said one trader.
Another said, "We are seeing arbitrage between London and New York with premium selling on August-July - buying July New York and selling August London at a premium."
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