Raw sugar futures flat to 0.03 cent softer on Tuesday as the market consolidates after yesterday's rally to a near five-year high, floor sources said.
The New York Board of Trade's October raw sugar contract went up 0.13 cent or 1.27 percent to end Monday at 10.40 cents a lb, having moved from 10.20 to a new contract peak of 10.45 cents.
It was the loftiest close for a contract on a spot basis since 11 cents in October 2000. Most-active March advanced 0.14 cent to conclude at 10.86 cents, one tick below its own contract high of 10.87 cents. The other contracts on the board added 0.06 to 0.10 cent.
All-around buying powered sugar to its highest in nearly five years, and most analysts feel the momentum in the rally will push values higher in the days ahead.
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