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London sugar futures ended weaker on producer and speculative sales against an EU export tender on Thursday as the market focused on news European intervention agencies had received the first offers for sugar since 1986. A senior EU source said 48,000 tonnes of sugar had been offered into intervention in France, with a further 38,000 tonnes expected in Belgium.

Traders said intervention offers might be justified in some cases since exporter revenues were below the EU's intervention price for white sugar, set at 632 euros per tonne.

May settled down $1.20 at $268.80 a tonne in volume of 5,370 lots, after trading between $271.40 and $268.00.

August closed down 90 cents at $266.80 in volume of 458 lots, having traded from $268.50 to $265.90.

"There has been quite a bit of producer selling around against the tender. People are still waiting for the result of the tender," a trader said. Some traders said they expected to hear the result of the EU export tender after 1800 GMT, a few hours later than usual due to a change in EU procedures.

Copyright Reuters, 2005


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