Raw sugar prices closed Thursday at another three-week high due to steady trade and fund buying and brokers said sugar may have enough momentum to grind higher into next week.
The New York Board of Trade's July raw sugar contract rose 0.01 cent to end at 15.75 cents per lb, trading from 15.68 to 15.95 cents. On a spot basis, it was the best close for sugar since trading near 16 cents in late May.
The benchmark October contract added 0.02 cent to 16.21 cents, moving from 16.10 to 16.45 cents. The rest added from 0.07 to 0.14 cent.
Technicians feel support in the October contract was at 16 cents, with resistance lurking at 16.50 and 17 cents.
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