Raw sugar prices settled lower Tuesday on speculative sales and profit-taking as the market retreated from near an 11-year high and brokers said the sweetener may drift right into the holiday weekend.
The New York Board of Trade's benchmark March raw sugar contract fell 0.12 cent to end at 14.21 cents a lb, moving from 14.15 to 14.42 cents. On Monday, the contract ended at 14.33 cents in the highest close for sugar on the spot weekly charts since trading around 14.50 cents in early 1995. May sugar shed 0.13 to 14.30 cents.
The rest lost from 0.04 to 0.09 cent.
Technicians see resistance in the March contract at 14.50 and 15 cents, with support at 14 and the area around 13.80 cents. Open interest in the No 11 raw sugar market fell 1,024 lots to 525,007 lots as of December 19.
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