NYBOT raw sugar futures closed slightly lower Thursday on speculative sales, although losses were pared by trade buying and the sweetener is tipped to consolidate for the moment, brokers said.
October sugar slipped 0.03 cent to conclude at 7.69 cents a lb while dealing from 7.60 to 7.76 cents. March lost the same to 8.26 cents. Except for one contract, the rest fell 0.03 or 0.04 cent.
"The market was able to weather the selling by the specs," a senior floor dealer said. "There's just enough trade buying here to hold it."
The spot October raw sugar contract expires on September 30.
Technicians put resistance in the October contract in the area of 7.79/80 cents and then the region of 7.84/87 cents. They pegged support at 7.55 and 7.50 cents.
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