NYBOT raw sugar futures banked on trade buying to finish higher Tuesday, with business seen staying volatile in the run-up to expiration of the spot October contract next week, brokers said.
The October contract is due to expire on September 30 and bullish fundamentals are seen reasserting themselves afterward in the market. A supply deficit in 2004/05 and steady consumer demand is expected to buoy values, the analysts said.
October sugar shot up 0.21 cent to settle at 7.59 cents a lb, dealing from 7.33 to 7.60 cents. On Monday, the market ended at a 12-week low of 7.38 cents in its lowest finish on a spot basis since concluding at 7.32 cents on June 29.
Active March rose 0.16 to 8.42 cents, ranging from 8.18 to 8.43 cents. The rest added 0.05 cent to 0.09 cent.
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