Raw sugar prices closed higher Thursday on trade and consumer buying as the market was also buoyed by a recovery in the commodity sector which could further boost values tomorrow, brokers said.
The New York Board of Trade's July raw sugar contract climbed 0.29 cent or 1.9 percent to end at 15 cents per lb, moving from 14.86 to 15.07 cents. The now benchmark October contract rose 0.28 to 15.33 cents, dealing between 15.25 and 15.40 cents. The rest increased by 0.21 to 0.27 cent. On switch trade, most of the bigger fu6,311 to 211,795 lots. The July contract expires on June 30. Technicians feel support in the July contract was at 14.86 and 14.50 cents, with resistance at 15.05 and 15.22 cents.
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