New York sugar firm

Raw sugar futures finished higher on Tuesday on fund buying and trade purchases believed linked to talk of further consumer interest in the sweetener, brokers said. The New York Board of Trade's March raw sugar contract rose 0.07 cent to settle at the day's high of 9.10 cents a lb, with the session low at 8.98 cents. May sugar gain the same to 9.46 cents. Distant months increased 0.03 to 0.05 cent. Judy Ganes of commodity firm J. Ganes Consulting said continued talk of physical interest in sugar from importers like those in South Asia has kept the market supported.
"The trade bought it because of the feeling that India and Pakistan may be coming back into the market. The funds then bought it late," a trading house floor dealer said. This view was buttressed by news Pakistan has withdrawn a 6.0 percent levy on imported sugar cargoes to clear the way for further imports.
Pakistan has already booked orders for 250,000 tonnes of raw sugar in the past week alone.
Most analysts said supply tightness in the market, coupled with robust demand from India, Pakistan, China and Russia should keep values buoyant going forward.
The market also saw steady switch trade as players transferred positions from the spot March contract and into the back months. March is due to expiring on February 28. Open interest in the March contract tumbled 18,868 lots to 70,386 contracts as of February 14.
Technicians see resistance in the March contract at 9.16 and 9.22 cents.
Support was at 9.00 and 8.90 cents. Volume traded just before the market closed for the day stood at 39,112 lots, versus the prior 78,633 lots. Call volume hit 3,559 lots and puts came to 3,440 contracts.
Open interest in the No 11 sugar market fell 6,451 lots to 384,120 contracts as of February 14.
Ethanol futures finished unchanged with the February contract ending at 95 cents a gallon.
US domestic sugar futures ended mostly easier on Tuesday.
May rose 0.01 to 20.25 cents a lb, while July shed 0.03 to 20.55 cents. Except for one contract, the rest lost 0.01 to 0.04 cent. Volume traded before the market shut hit 264 lots, from 2,068 lots previously.