NYBOT raw sugar futures ended with slight gains Friday on speculative fund buying in thin trade, with the market seen retaining its firm tone due to bullish fundamentals and possibly probing its recent highs in the weeks ahead, brokers said.
October sugar rose 0.04 cent to end at 8.17 cents a lb, moving from 8.11 cents to 8.23 cents. March added 0.03 cent to 8.66 cents. Except for one contract, the rest added 0.02 cent or 0.03 cent.
Sugar had bounded to a 17-month high on expectations of a supply deficit in 2004/05 and a rise in demand from countries like India, the worlds largest sugar consumer, whose cane crop may go down due to lower acreage.
Technicians peg resistance in October delivery at its contract peak of 8.43 cents and then 8.50 cents, with support at 8.08 cents and 7.97/98 cents.
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