Raw sugar futures steady to 0.05 cent higher on Thursday as trade buying helps the market bounce back from yesterday's sharp losses, floor sources said. The New York Board of Trade's July raw sugar contract slumped 0.16 cent to conclude Wednesday at 8.68 cents a lb, moving from 8.67 to 8.86 cents. October fell 0.17 to 8.78 cents and the rest slipped 0.02 to 0.12 cent.
Switch-related pressure from players rolling out of positions in the spot July contract kept the market on the defensive all session long.
Technicians put support in the July contract at 8.60 and 8.50 cents, with resistance at 8.95/96 and then 9.00 cents.
Ethanol futures finished flat, with the June contract at 117 cents a gallon. US domestic sugar futures ended mixed. September fell 0.06 cent to 21.84 cents a lb and November slipped 0.01 to 21.15 cents.
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