LONDON SUGAR RALLIES FROM LOWS BY LATE AFTERNOON
Raw sugar futures rallied from session
lows by late afternoon on jobber shortcovering and trade
buying, posting pared losses from last night of 1.20 to 0.60
dlrs.
    The rally mirrored a similar upturn in New York after the
market had reacted bearishly to the realisation that new raws
offtake from China and the Soviet Union was not materialising.
    However, dealers said, sentiment was still buoyed by
prospective whites buying by India, Syria and Pakistan.
    Tomorrow's European Community (EC) tender result was
difficult to predict after last week's authorisation of 102,350
tonnes at the highest-ever subsidy of 46.864 Ecus per 100 kilos.
    Tomorrow's EC tender was made all the more difficult to
project by the movement last week of nearly 800,000 tonnes
sugar to intervention by operators protesting about low
rebates, dealers said.
    Near Aug was finally quoted at 154.60/154.80 dlrs
(bid-asked) from 155.80/156 last night and a session high-low
of 155.80/152.
    Volume late afternoon was 3,371 lots including nearly 2,000
lots crossed.
    London Daily Raws prices fell 3.50 dlrs on tone to 147 fob
and 171 (105.50 stg) cif and the Whites 2.50 dlrs to 190.
 REUTER
