CSCE raw sugar futures ended softer Wednesday on late sales by small speculators, although the market is seen grinding higher on fund buying which has propelled the market to a 7-month high, analysts said.
CSCE May sugar eased 0.04 cent to close at 6.76 cents a lb, ranging from 6.69 to 6.85 cents. On Tuesday, the contract settled at 6.80 cents in its highest close since trading around 6.81 cents in early August 2003.
July shed 0.02 to 6.61 cents while distant months lost 0.01 to 0.04.
Technicians said resistance in May was again at 6.81 cents, then the 7.00 and 7.10 cents area. Support was at 6.66/68 cents, 6.59 and then 6.50 cents.
Final estimated volume reached 43,109 lots, against the previous tally of 40,869 lots. Call volume touched 10,896 lots while puts hit 12,124 lots.
Open interest in the No 11 sugar market rose 5,583 lots to 264,563 lots as of March 16. US domestic sugar futures ended higher Wednesday.
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