Raw sugar futures closed higher Friday on trade and speculative buying in lethargic dealings, with the sweetener seen staying in a band given the dearth of market-moving news, dealers said. The New York Board of Trade's key March raw sugar contract increased 0.05 cent to settle at 8.48 cents a lb, trading between 8.41 and 8.49 cents. May gained the same to 8.62 cents. The rest went up 0.02 to 0.04 cent.
Fundamentally, the market may grind higher due to expected strong consumer demand from countries like India, whose cane crop has suffered from drought. Technicians said support in the March raw sugar contract would be in the region of 8.33 and then 8.28 cents, with 8.18 and 8.13 cents further afield. Resistance was at 8.50 and 8.55 cents.
Comments
Comments are closed.