Raw sugar futures settled easier Wednesday on another round of commodity fund sales and the poor finish may lead to further losses before the end of the week, brokers said.
The New York Board of Trade's May raw sugar contract slumped 0.56 cent or 3.3 percent to finish at 16.62 cents a lb, near the bottom of its 16.56 to 17 cents band. July fell 0.52 to 16.33 cents. The rest lost from 0.48 to 0.50 cent.
"I think the market's topped out," said James Cordier of Liberty Trading Group, adding a fall in the key May contract below 16 cents may zap cash business as consumers wait for further falls before stepping back into the pit.
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