Raw sugar futures were flat to 0.03 cent firmer on Wednesday as switch trade from investors moving positions out of the spot July contract dominates business, floor sources said. New York Board of Trade July raw sugar fell 0.03 cent to close Tuesday at 8.84 cents a lb, dealing from 8.75 to 8.87 cents. October lost 0.03 to 8.95 cents. The rest finished flat to up 0.08 cent. Switch trading will be the main feature because July is set to expire at month's end.
Technicians see support in the July contract at 8.60 and 8.50 cents, with resistance at 8.95/96 and then 9.00 cents. Ethanol futures closed steady, with the June contract at 117 cents a gallon.
US domestic sugar futures ended lower. September sank 0.39 cent to 21.90 cents a lb and November fell 0.08 to 21.16 cents. Except for one contract, the rest declined 0.01 to 0.07 cent.
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