LONDON, Nov 8: London white sugar futures shed nearly 1.5 per cent on Tuesday as a buoyant dollar triggered fund selling that pushed the front month to its lowest in 15 weeks.
London is getting clobbered at the moment, one trader said.
More-active March lost 1.5 per cent to $282.80.
Total volume was 3,059 lots.
New York raws probed lower on Monday, but traders said the weakness was led by LIFFE’s whites futures. With December due to expire next week, the contract has been further weakened by funds exiting positions ahead of that.
Funds had piled into the sugar markets earlier in the year, hoisting prices in London to their highest since 1997 as tight raw supplies, falling stocks, rising demand and growing use of cane to make ethanol made the market more attractive to a wider arena of investors.
