Raw sugar futures settled lower Friday on producer and speculative sales, although trade buying served to pare its losses, analysts said. Market players will be looking for news over the weekend to provide direction to the sweetener next week, they said. "It looks a bit shabby," a long-time investment house dealer said, adding the weak tone in sugar could put pressure on the market in the days ahead.
The New York Board of Trade's May raw sugar contract tumbled 0.11 cent to conclude at 8.87 cents a lb, dealing from 8.82 to 9.04 cents. July fell 0.08 to 9.02 cents. Except for one contract, the rest lost 0.01 to 0.05 cent.
Sugar prices, basis the key May contract, have hovered near the 9.00 cents level for several sessions, buoyed in part by a supply deficit and expectations of robust consumer buying from India, the world's largest consumer of sugar, and Russia, it's biggest importer, through the rest of 2005.
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