Raw sugar prices closed mixed on Friday in activity dominated by switch trade from investors getting out of the July contract since it will expire at the end of the month, brokers said.
The New York Board of Trade's July raw sugar contract rose 0.02 cent to end at the day's low of 15.05 cents per lb, in a band from 15.05 to 15.15 cents. It was an inside day since the range was within Thursday's 14.96 to 15.16 cents band.
October shed 0.01 to 15.43 cents. The rest ranged from 0.02 cent down to 0.03 cent firmer. "It's all spread trading. That's the only game in town and I think you'll have more of the same in the next few weeks until we get rid of July," an investment house broker said.
Open interest in July slid 11,648 to 155,120 lots as of June 8 while interest in the now most-active October contract climbed 10,540 to 158,379 lots. The July contract is due to expire on June 30 and the switch trade has already started given the size of the open interest in the contract.
Volume before the close reached 47,611 lots, from the prior tally of 95,897 contracts. Call volume touched 11,198 lots and puts hit 5,006 lots. Open interest in the No 11 raw sugar market fell 1,434 lots to 470,421 lots as of June 8.
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