Raw sugar prices closed at another 4-1/2 year high Thursday as the sweetener gyrated wildly from an early bout of profit-taking and fund buying that vaulted the market to fresh contract highs, analysts said.
The New York Board of Trade's key October raw sugar contract went up 0.02 cent to close at 10.22 cents a lb, moving from 10.04 to a new contract peak of 10.35 cents.
Based on the spot contract charts, it was the highest close for sugar since ending at 10.23 cents on January 16, 2001.
The second position March contract increased 0.07 cent to also end at 10.27 cents. Distant months gained from 0.06 to 0.12 cent.
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