Raw sugar futures settled Thursday at a two-week high due to late trade buying apparently tied to further consumer interest after Pakistani confirmed it bought 200,000 tonnes of the sweetener, brokers said. The New York Board of Trade's March raw sugar contract surged 0.11 cent to finish at 9.15 cents a lb, trading from 9.01 to 9.16 cents. It was the highest close for sugar on a spot basis since concluding at 9.22 cents on January 27.
May sugar gained 0.10 cent to 9.53 cents. The rest ranged from 0.05 cent firmer to 0.02 cent easier.
News Pakistan bought sugar and may be in the market for more in the weeks ahead encouraged some trade accounts to cover their short positions, while others were said to have bought outright, dealers said.
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