Raw sugar futures closed near its session lows Friday on sales by small speculators in slow dealings, with the sweetener tipped to dawdle in a band going into next week, brokers said. The New York Board of Trade's key March raw sugar contract slid 0.13 cent to conclude at 8.52 cents a lb, near the bottom of its 8.51 to 8.63 cents band. May sugar lost 0.11 to 8.66 cents. The rest lost 0.05 to 0.10 cent.
"People are waiting for something, but nothing is happening," said Mike McDougall, senior vice-president of FIMAT USA Inc, adding light speculative selling deflated sugar.
James Cordier, an analyst for Liberty Trading Group, said speculators opted to "take off for the weekend so here we go."
The trade took note of a pair of reports on the supply/demand balance in 2004/05.
Floor sources said small speculators dumped sugar and giant trade house Cargill, one of the main supporters of sweetener prices, decided not to support futures so it sagged on Friday.
Technicians said they feel support in the March contract would be at 8.49, then 8.38 cents. Resistance would be at 8.69 and 8.80 cents.
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