Raw sugar futures closed Tuesday at a 2-1/2 week high on late speculative buying and the sweetener may grind higher despite robust producer selling in the market, analysts said. A supply gap and stronger consumer buying should give sugar a boost in the weeks ahead but most business has been done by using chart patterns among speculative accounts, they said.
The New York Board of Trade's March raw sugar contract gained 0.08 cent to finish at 8.98 cents a lb, dealing between 8.87 and 8.99 cents. It was the best close for the contract since concluding at 8.99 cents on January 6.
May sugar rose 0.07 to 9.29 cents. Distant months ranged from flat to 0.06 cent firmer.
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