Raw sugar futures finished Tuesday near a 6-week high on relentless fund buying and the market is seemingly poised to hurdle technical barriers in the coming days, brokers said.
The New York Board of Trade's key March raw sugar contract climbed 0.17 cent to close at 8.87 cents a lb, dealing from 8.71 to 8.79 cents. It was the highest close for sugar on a spot basis since concluding at 8.90 cents on October 7. May sugar gained the same to 8.97 cents. The rest increased from 0.11 to 0.14 cent.
Market fundamentals are turning a bit more bullish, especially with expectations of stronger consumer buying and a supply deficit forecast in the weeks and months ahead.
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