Raw sugar futures relied on late speculative short-covering to finish higher Tuesday as prices bounced from a five-week low, while deliveries in the spot March contract were said to be very modest, brokers said.
The New York Board of Trade's March raw sugar contract rose 0.19 cent to expire at 16.74 cents a lb., moving from 15.70 to 16.75 cents. On Monday, the contract ended at 16.55 cents in the lowest close for sugar on a spot basis since it closed at 16.12 cents on January 19.
The benchmark May contract jumped 0.38 cent or 2.2 percent to conclude at 17.12 cents, near the top of its 16.22 to 17.17 cents band. The rest gained 0.42 to 0.52 cent.
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