London white sugar futures tracked the IntercontinentalExchange's NYBOT raw sugar futures to close higher on Tuesday as traders focused on expiry of the NYBOT March contract on Wednesday. London May sugar finished up $1.80 to $335.80 per tonne in thin volume of 1,673 lots, having traded from $336.50 to $333.30.
London August settled up $1.90 at $323.50 in volume of 251 lots after moving from $324.20 to $322.10. London and Paris traders said the New York market led whites on Tuesday and that they were divided over whether to expect a big delivery tonnage against the NYBOT March expiry on Wednesday. Traders referred to a squeeze on the NYBOT March contract one day before it goes off the board. "The squeeze is still on with March-May," one London trader said, referring to rolling ahead of expiry of the New York March contract on Wednesday.
COCOA DOWN: London cocoa futures settled weaker on origin and light speculative selling on Tuesday as players took profits after recent gains, dealers said. March finished down 13 pounds at 938 pounds a tonne in volume of 1,890 lots after trading from 949 to 934 pounds.
May closed down 13 pounds at 952 pounds in volume of 6,757 lots, having moved from 966 to 947 pounds. Total volume was 10,928 lots. Traders said some participants took profits after a recent surge to seven-month highs, basis the second month.
"We've seen origin selling and light speculative selling - but nothing in the kind of volume that would suggest a real shake-up of the market," one dealer said.
COFFEE RISES: London coffee futures closed mostly higher on Tuesday after a session dominated by spread activity and two-way speculative trades, dealers said.
March settled up $6 at $1,546 per tonne in volume of 4,631 lots after trading from $1,554 to $1,530. May finished up $2.00 at $1,564 in volume of 7,456 lots, having moved from $1,566 to $1,549.
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