Raw sugar futures banked on late investment fund buying to end sharply higher Friday as the spot contract expired, and most players feel the market will grind higher in the days ahead, brokers said.
The New York Board of Trade's May raw sugar contract surged 0.41 cent, or 2.4 percent, to expire at the day's high of 17.13 cents per lb, with the session low at 16.52 cents. Key July jumped 0.30 to 17.43 cents, dealing from 17.01 to 17.48 cents. The rest gained 0.17 to 0.29 cent. Technicians believe support in the July contract is at 16.50 and 16 cents, with resistance at 17.50 and 18 cents.
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