Raw sugar prices set a low for the year on Wednesday but edged back to above unchanged by the close on industry buying, and market sources see a rally in coming trading sessions.
The New York Board of Trade's October raw sugar contract edged up 0.05 cent to close at 14.04 cents per lb, after trading between a seven-month low of 13.88 cents and 14.19 cents.
March added 0.10 to 14.60 cents, while back month contracts rose 0.13 to 0.23 cent. Technicians pegged support at 13.65 and 13.60 cents in the coming sessions, with resistance at 14.25 cents.
NYBOT final estimated volume reached 73,418 lots, up significantly from Tuesday's 58,200 contracts. Open interest in the October contract rose 1,725 lots to total at 472,069 as of August 8.
The ethanol market was untraded.
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