May 12, 2006	Friday	Rabi-us-Sani 13, 1427

LONDON, May 11: London white sugar futures rose to just below all-time highs at midday on Thursday as speculators piled into the commodities complex from oil to metals.

Traders said they expected New York raw sugar futures to open firmer in sympathy with London.

Benchmark August was up $4.70 or 0.98 per cent to $483.40 per ton in volume of 972 lots at 1128 GMT, after trading from $484.00 — just short of a recent record high of $486.50 — and $480.00.

October was up $4.90 or 1.04 per cent to $476.50 per ton in volume of 397 lots, having moved from $477.00 to $474.50.

There has been speculative buying this morning, on the back of oil and metals. Lately sugar futures haven’t had a lot to do with sugar (fundamentals), one trader said.

Heavy speculative buying, fueled by inflation fears and geopolitical tension, lifted gold to new 25-year highs on Thursday while platinum soared to its highest ever on strong fundamentals.—Reuters