CSCE raw sugar futures closed fractionally higher Friday as attempts by funds to punch the market higher ran into aggressive trade and producer sales, brokers said.
May sugar inched up 0.01 cent to end at 6.68 cents a lb, moving between 6.66 and 6.78 cents.
Thursday, the contract jumped 0.32 cent, or 5.04 percent, to settle at 6.67 cents. The spot contract closed at its highest level since trading near 6.70 cents in late August.
July gained 0.06 cent to 6.46 cents. The rest were flat to 0.06 cent better.
Technicians said resistance in May was at 6.79 cents, followed by 6.81 cents. Support was at 6.50 cents and then at 6.36/39 cents.
Final estimated volume reached 82,763 lots, against the previous tally of 108,788 lots. Call volume touched 15,788 lots while puts hit 9,811 lots. Open interest in the No. 11 sugar market rose 2,265 lots to 248,210 lots as of March 11.
US domestic sugar futures closed mixed Friday.
May sugar eased 0.02 cent to 20.56 cents a lb while July was flat at 20.70 cents. The rest ranged from 0.08 cent firmer to 0.10 cent lower. Final estimated volume reached 79 lots, down from the previous count of 435 lots.
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