NYBOT raw sugar futures finished softer early Wednesday on trade sales and speculative profit-taking with players expecting the sweetener to consolidate around its current levels for now, brokers said.
October sugar slumped 0.11 cent to conclude at 8.11 cents a lb, dealing between 8.08 and 8.19 cents. March lost the same to 8.55 cents. Back months slid 0.07 to 0.10 cent. Judy Ganes of J. Ganes Consulting said a "little bit of profit-taking" nudged the market to lower ground.
Floor sources said trade sales also capped the market at its highs and small speculators piled into press the market down to its lows for the day. The same speculators provided support for sugar to pare its losses, they said.
Little attention was given to the Thai tender to sell 400,000 tonnes of raw sugar since the news has already been absorbed by the market, traders said.
Technicians peg resistance in the October contract at its lifetime high of 8.38 cents and then 8.50 cents. Support was at 8.04 cents, 7.97 cents and the recent low of 7.92 cents.
Final estimated volume was 24,277 contracts, from Tuesdays tally of 13,254 lots. Call volume hit 12,885 lots while puts stood at 8,489 lots. Open interest in the No 11 sugar market rose 1,296 to 310,152 lots as of July 20.
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