Raw sugar futures were called to little changed on Friday as the market's focus is fixed firmly on expiration of the October contract at the close of business, floor sources said.
The New York Board of Trade's spot October raw sugar contract slid 0.24 cent to conclude Thursday at 10.89 cents a lb, moving from 10.86 to 11.20 cents, which matches a contract high reached the previous session.
On Wednesday, contract ended at 11.13 cents in the highest close on a spot basis for sugar since the then front contract ended at 11.14 cents on October 17, 2000. Most-active March fell 0.11 cent to 11.14 cents, trading from 11.10 to 11.29 cents, also equalling a contract high reached yesterday. The rest were flat to down 0.08 cent.
Trade and fund liquidation hammered sugar as players got out of October before its expiration. Technicians see resistance in October sugar at 11.20 and 11.50 cents, with support at 10.86/87 and 10.50 cents.
Comments
Comments are closed.