Raw sugar futures closed higher on Monday on trade buying and investor short-covering as the market recovered from last week's fall to a four-month low, brokers said. The March raws sugar contract rose 0.20 cent to settle at 10.96 cents per lb. Moving from 10.55 to 11.07 cents.
It was the lowest close for sugar on a spot basis since the middle of June. May sugar rose 0.15 cent to 11.24 cents. Volume traded in the March contract hit 27,655 lots. "I think we are seeing a relief rally in the softs today, possibly tied to maybe the end of the road for the meltdown," said Jack Scoville, vice-president of brokers the Price Group in Chicago. But analysts said fear of a global recession continue to cast a cloud over the market. Any global recession could hurt demand for sugar. Volume Friday in the No 11 sugar market at 88,699 lots - exchange data.
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