Raw sugar futures settled Tuesday at a 10-week high on speculative fund buying as bullish fundamentals of a supply deficit buoyed values, with the market seen staying strong into 2005, brokers said. The New York Board of Trade's March raw sugar contract climbed 0.03 cent to end at 9.02 cents a lb, in a tight band from 8.96 to 9.03 cents. It was the best close for the contract since ending at 9.04 cents on October 20.
May sugar rose 0.02 cent to 9.22 cents. Two contracts aside, back months went up 0.01 to 0.03 cent.
Technicians feel the March contract will see resistance at 9.04 and 9.15 cents, with support at 8.90 and 8.75 cents.
Volume traded just before the market closed stood at 14,896 lots, from the previous tally of 29,921 lots.
Call volume at that time hit 8,105 lots, with puts stood at 4,769 lots.
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