Raw sugar finished Friday at its lowest level since November 2005 on a late flurry of commodity fund sales and should stay on the defensive under the shadow of a supply glut in the 2006/07 season, brokers said.
The sugar market will be closed Monday for US Labour Day. Trading resumes Tuesday.
New York Board of Trade's October raw sugar contract sank 0.41 cent or 3.4 percent to finish at 11.39 cents per lb, dealing from 11.26 to 11.84 cents. It was the lowest close for sugar since ending at 11.20 cents on November 9, 2005. Technicians see support for the October contract at 11.20 and then 11 cents. Resistance looms at 12 and 12.35 cents.
Final estimated volume stood at 43,519 lots, down from Thursday's count of 83,749 lots. Call volume reached 7,545 lots and puts amounted to 5,450 lots. Open interest in the No 11 raw sugar market dropped 1,428 lots to 497,243 contracts as of August 31. No deals were done in the ethanol market.
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