New York sugar rises on speculative buying

CSCE raw sugar futures sprang to a firm finish on Wednesday on speculative short-covering and were seen punching their way higher on follow-through buying in the days ahead, brokers said.
March sugar increased 0.08 cent to settle at 5.84 cents a lb, moving from 5.77 cents to 5.85 cents.
Key may surge 0.12 cent to close at 6.15 cents, dealing between 6.05 cents and 6.18 cents. Back months gained 0.03-0.06 cent.
Technically inspired speculative buying has often pushed the market higher in the past few months, only to run into a wall of producer sales that deflated values.
Final estimated volume reached 79,255 lots, up from the prior tally of 65,111 lots. Call volume was at 7,912 lots while puts stood at 4,233 lots.
Final estimated volume reached 406 lots, against the prior tally of 280 lots.
The CSCE is a subsidiary of the New York Board of Trade.