Raw sugar futures closed higher Wednesday on steady fund buying as the market seemed to be gathering itself to challenge the 25-month highs it set last month, brokers said.
The New York Board of Trade's May raw sugar contract rose 0.03 cent to finish at 18.20 cents a lb., trading from 17.97 to 18.33 cents. It was the highest close for sugar on a spot basis since ending at 18.26 cents on February 22.
July gained 0.08 cent to 18.12 cents. One contract aside, the rest added from 0.01 to 0.08 cent. Technical analysts felt resistance in the May contract was at 18.50 and 19 cents. Support was at 18 and 17.65 cents.
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