Benchmark raw sugar prices jumped 4.9 percent to close at an 11-year high on Wednesday as speculative buying and stronger London whites prices helped them recover from the previous day's steep decline, traders said.
The New York Board of Trade's benchmark March raw sugar contract rose 0.69 cent to end at 14.87 cents a lb, after dealing from 14.35 to 14.90 cents. The session peak was the highest level on the spot weekly charts for sugar since it traded above 15 cents in early 1995.
Traders said heavy buying by fund-type accounts catapulted futures to the top of the session's range, after trade buying earlier appeared to prime the market for a rally.
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