Raw sugar futures finished at a 7-week high Thursday on commodity fund buying as the market built momentum to eventually surpass the 25-year highs it set last month, brokers said.
The New York Board of Trade's May raw sugar contract rose 0.07 cent to end at 18.27 cents a lb., trading in a band from 18.08 to 18.48 cents. It was the highest close for sugar on a spot basis since ending at 18.80 cents on February 8.
July added 0.09 cent to 18.21 cents. The back months were unchanged to 0.08 cent firmer. Technical analysts felt resistance in the May contract was at 18.50 and 19 cents, with support at 18 and 17.65 cents.
Volume before the end of trade reached around 54,953 lots, against the previous count of 67,484 contracts. Call volume touched 26,429 lots, while puts hit 8,858 lots.
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