Raw sugar futures closed almost unchanged Thursday as the market stayed near an 11-week high ahead of a long holiday weekend, and the sweetener was seen pushing up on bullish fundamentals in 2005, brokers said. The raw sugar market will shut Friday in observance of New Year's Day, which falls on Saturday. Trading resumes on Monday.
The New York Board of Trade's March raw sugar contract eased 0.02 cent to end at 9.04 cents a lb., moving from 8.99 to 9.08 cents. May sugar slipped 0.01 cent to 9.25 cents. Except for one contract, the rest finished flat.
Technicians said resistance in the March contract was in the area of 9.09/14 cents, with support at 9.00 and 8.90 cents.
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