London sugar posted modest losses on Thursday as dealers complained of a dearth of fresh physical deals and fundamental news. Spread activity and against actuals trade boosted volume in a market that took its cue from weaker New York futures, where prices came under pressure from speculative sales, dealers added. Spot May settled 50 cents down at $260.1 a tonne after moving 4,975 lots between $259.5 and $262.4.
Liffe August lost 20 cents to $260.5 a tonne on 1,972 lots.
Dealers said talk that the EU awarded 68,800 tonnes of white sugar at this week's tender did little to improve sentiment, although the volume had been expected.
Traders said a maximum rebate of 39.898 euros per 100 kg was awarded, with Britain receiving 55,000 tonnes, Germany 10,000 tonnes and Belgium 3,800 tonnes. More than 188,000 tonnes was awarded at the previous tender.
On a technical level, nearby support for May is seen at $258.30 a tonne, ahead of $254.00.
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