Raw sugar prices bounced strongly on trade buying to settle higher Friday and wipe out losses that had sent the market to its lowest level in four months, analysts said.
The question though for most in the trade is whether the recovery can be sustained or will the funds, who have dumped and cut their exposure in the commodities sector this week, renew their onslaught.
The New York Board of Trade's July raw sugar contract rose 0.08 cent to finish at 16.42 cents per lb, dealing from 15.89 to 16.45 cents. October went up 0.02 to 16.68 cents. The rest ranged from 0.02 cent up to 0.01 cent easier.
Technically, analysts see support in the July contract at 16 and the vital region of 15.85 cents. Resistance is seen at 16.80/90 and 17 cents.
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