Sugar futures rose more than 1 percent in New York Tuesday, following a rebound in most commodities, and traders predicted milder gains in the near term as output rises.
The New York Board of Trade's July raw sugar contract climbed 0.23 cent to settle at 16.62 cents a lb, trading between 16.47 and 16.67. October jumped 0.28 cent to $16.88 cents. Sugar is down 15 percent since hitting a 25-year high of 19.72 cents on February 3.
Estimated volume was 48,850 contracts, down from 57,362 on Monday. Call option volume was estimated at 16,445 against Monday's 19,190 with puts at 12,312 versus 11,051 contracts.
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