CSCE raw sugar futures crumbled to a weak finish Wednesday on speculative long liquidation and trade sales as the market stalled after hitting new contract highs, analysts said.
CSCE July sugar slid 0.18 cent or nearly 2.5 percent to close at 7.04 cents a lb, trading from 7.00 to a new contract peak of 7.36 cents. October lost the same to 7.34 cents. The rest fell 0.14 to 0.18 cent.
"It's disappointed it did not hold in here," said Judy Ganes of J. Ganes Consulting.
Floor sources said the failure of July to generate any follow-through buying after touching a contract peak prompted some of the weaker longs to liquidate their positions.
Final estimated volume was at 73,246 contracts, from the previous count of 54,196 lots. Call option volume was 22,563 lots and put volume was at 9,757 lots. Open interest in the No 11 sugar market rose 4,030 lots to 276,987 lots as of June 1.
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