Raw sugar futures finished Wednesday at an 11-week high on another round of fund buying, with follow-through purchases and bullish fundamentals seen pushing the sweetener higher into 2005, brokers said. The New York Board of Trade's March raw sugar contract increased 0.04 cent to settle at 9.06 cents a lb, near the top of its 8.96 to 9.07 cents band. It was the best close for the contract since ending at 9.25 cents on October 14. May sugar gained the same to 9.26 cents. The back months added 0.01 or 0.02 cent.
Technicians feel the March contract will see resistance in the region of 9.09/14 cents. They said support would be at 9.00 and 8.90 cents.
Volume traded just before the market closed stood at 18,885 lots, from the previous tally of 21,930 lots. Call volume at that time hit 3,569 lots, with puts stood at 3,226 lots.
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