AGL 38.54 Increased By ▲ 0.97 (2.58%)
AIRLINK 129.50 Decreased By ▼ -3.00 (-2.26%)
BOP 5.61 Decreased By ▼ -0.03 (-0.53%)
CNERGY 3.86 Increased By ▲ 0.09 (2.39%)
DCL 8.73 Decreased By ▼ -0.14 (-1.58%)
DFML 41.76 Increased By ▲ 0.76 (1.85%)
DGKC 88.30 Decreased By ▼ -1.86 (-2.06%)
FCCL 35.00 Decreased By ▼ -0.08 (-0.23%)
FFBL 67.35 Increased By ▲ 0.85 (1.28%)
FFL 10.61 Increased By ▲ 0.46 (4.53%)
HUBC 108.76 Increased By ▲ 2.36 (2.22%)
HUMNL 14.66 Increased By ▲ 1.26 (9.4%)
KEL 4.75 Decreased By ▼ -0.11 (-2.26%)
KOSM 6.95 Increased By ▲ 0.10 (1.46%)
MLCF 41.65 Decreased By ▼ -0.15 (-0.36%)
NBP 59.60 Increased By ▲ 1.02 (1.74%)
OGDC 183.00 Increased By ▲ 1.75 (0.97%)
PAEL 26.25 Increased By ▲ 0.55 (2.14%)
PIBTL 5.97 Increased By ▲ 0.14 (2.4%)
PPL 146.70 Decreased By ▼ -1.70 (-1.15%)
PRL 23.61 Increased By ▲ 0.39 (1.68%)
PTC 16.56 Increased By ▲ 1.32 (8.66%)
SEARL 68.30 Decreased By ▼ -0.49 (-0.71%)
TELE 7.23 Decreased By ▼ -0.01 (-0.14%)
TOMCL 35.95 Decreased By ▼ -0.05 (-0.14%)
TPLP 7.85 Increased By ▲ 0.45 (6.08%)
TREET 14.20 Decreased By ▼ -0.04 (-0.28%)
TRG 50.45 Decreased By ▼ -0.40 (-0.79%)
UNITY 26.75 Increased By ▲ 0.35 (1.33%)
WTL 1.21 No Change ▼ 0.00 (0%)
BR100 9,806 Increased By 37.8 (0.39%)
BR30 29,678 Increased By 278.1 (0.95%)
KSE100 92,304 Increased By 366.3 (0.4%)
KSE30 28,840 Increased By 96.6 (0.34%)

Raw sugar futures settled easier Friday on investor profit-taking as the market retreated after a commodity-wide rally pushed the sweetener up a three-week peak in the prior session, brokers said. The key May raw sugar contract slipped 0.08 cent to end at 13.54 cents per lb.
Traded from 13.42 to 13.62 cents. It was an inside day as the trading range held as within Thursdays 13.33 to 13.76 band. Volume traded in the May contract reached 29,876 lots at 2:03 pm EDT (1803 GMT). July sugar fell 0.02 cent to finish at 13.97 cents. Larry Young, an analyst for brokerage Infinity Futures in Chicago, said sugar seems to be positioning itself for a run toward 14 cents in the May contract next week.
"Well take another stab at it," he said. Fundamentally, sugar futures have been bolstered by expectations of large-scale imports by India and other countries in Asia. Estimates by several analysts pegged the amount of Indian imports to range from 1.5 million to 3.5 million, even 4.5 million, tonnes.
Sugar made a brief attempt to stay near unchanged, but the weight of profit-taking gradually eroded values - traders. Technicians put resistance in the May contract at 14 cents, with 15 cents looming ahead. They said support in May should now be at 13.30/35 cents, then 13 cents.
Volume traded Thursday in the No 11 sugar market hit 136,926 lots versus the previous 82,886 - exchange data. Open interest for No 11 sugar market at 671,508 lots as of March 19, from the prior tally of 646,534 contracts. The domestic No 14 sugar contract showed the May contract up 0.31 cent at 19.55 cents at 2:04 pm volume on Thursday in the No 14 market amounted to 141 lots - exchange data.

Copyright Reuters, 2009

Comments

Comments are closed.