Raw sugar futures settled near session highs Thursday on trade and speculative buying as traders waited for news to provide the market with direction on its next move, brokers said.
The New York Board of Trade's May raw sugar contract increased 0.09 cent to close at 16.88 cents a lb., in a band from 16.46 to 16.93 cents. July rose 0.11 to 16.60 cents. The rest added from 0.15 to 0.20 cent. Technical analysts felt resistance in the May contract was at 17 and 17.50 cents, with support at 16.45/50 and 16 cents.
Volume before the end of trade hit 28,955 lots, down from the previous tally of 49,763 contracts. In the options ring, call volume hit 10,616 contracts and put volume was 4,390 lots.
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