NYBOT raw sugar futures finished down and near session lows Friday on speculative sales, and the market could lose further ground from follow-through pressure next week, analysts said.
October sugar settled down 0.11 cent at 7.87 cents a lb after dealing from 7.84 to 8.02 cents. March fell 0.08 to 8.45 cents and distant months compiled losses of 0.05 to 0.07 cent.
"It was waffling back and forth, but was on the defensive for most of the day. It should go lower based on the weak close today, but well have to see if that happens next week," a senior trading house broker said.
Technicians put resistance in the October contract in the area of 8.05/08 cents, then in layers up to the contract peak of 8.43 cents. Support lies at 7.79/80 and 7.50 cents.
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