Raw sugar prices ended Tuesday at their highest level since early in 1998 on a barrage of fund and speculative buying, with the bullish mood seen shoving the market to the psychologically key 12 cents a lb level soon, brokers said.
"We're going to 12 cents, then 13 cents," said Marius Sonnen of commodity firm Sonnen and Co Inc.
The New York Board of Trade's key March raw sugar contract rose 0.18 cent or 1.5 percent to end at 11.84 cents a lb, moving from 11.65 to 11.87 cents.
On a spot basis, it was the highest close for sugar since trading near 12 cents in early 1998. May added 0.15 cent to 11.77 cents.
Back months increased from 0.12 to 0.14 cent.
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