Raw sugar futures settled lower Tuesday on speculative and trade selling and the market was seen staying in a wide band for now due to a dearth of news, brokers said.
The New York Board of Trade's May raw sugar contract dropped 0.45 cent, or 2.6 percent, to end at 16.40 cents a lb., in a band from 16.37 to 16.85 cents. July fell 0.42 to 16.06 cents. The rest shed 0.31 to 0.36 cent.
Volume an hour before the close hit 8,287 lots, well down from the previous tally of 34,322 contracts. In the options ring, call volume hit 4,241 contracts and put volume was at 4,605 lots. Open interest in the No 11 raw sugar market dropped 4,270 lots to 453,510 lots as of March 13. The ethanol market was untraded.
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