Raw sugar futures ended Tuesday at a two-week high on commodity fund buying fuelled in part by uncertainty over ethanol output in Brazil and storm damage in key exporter Australia, brokers said.
The New York Board of Trade's May raw sugar contract soared 0.40 cent, or 2.4 percent, to end at 17.02 cents a lb., trading from 16.62 to 17.10 cents. On a spot basis, it was the best close for sugar since it settled at 17.18 cents on March 7. July increased 0.35 to 16.67 cents. The rest of the board added from 0.26 to 0.35 cent.
Open interest in the No 11 raw sugar market climbed 3,069 lots to 459,475 lots as of March 20. There were no deals in the ethanol market.
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