Raw sugar prices sputtered from speculative fund profit-taking to close easier Wednesday but solid trade support at the lows meant the sweetener could stage another rally soon, brokers said.
The New York Board of Trade's key March raw sugar contract slipped 0.11 cent to conclude at 11.73 cents a lb, ranging from 11.66 to 11.81 cents. May lost the same to 11.66 cents. The rest fell 0.13 or 0.15 cent.
Fundamentally, sugar has staged a blistering rally due to worries top grower Brazil will divert more cane into the production of biofuel ethanol given sky-high crude prices. But the rally has zapped consumer buying of the sweetener.
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