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. Steve Platt of Archer Financial Services said sugar supplies that were delivered when the May contract went off the board "are finding homes."
Brokers said the final amount delivered ranged from 8,600 to 10,400 lots. The sugar came from Central America and top grower Brazil. All of the sugar is being taken by US trading house Cargill.
Open interest in the May contract fell 4,254 lots to 15,337 contracts as of April 27.
Final volume stood at around 66,939 lots, against the previous count of 69,733 contracts. Call volume touched 14,905 lots and puts hit 7,300 lots.
Open interest in the No 11 raw sugar contract climbed 3,328 to 472,143 lots as of April 27.
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