Benchmark raw sugar futures finished down more than 3 percent at 8-1/2-month lows Thursday, depressed by speculative and fund selling amid flagging physical demand, traders said.
New York Board of Trade's raw sugar contract for October delivery fell 0.45 cent to settle at 12.20 cents per lb, the lowest since November 30, 2005, after trading from 11.96 to 12.42 cents. Trade buying pushed the market back up from the low. Among other sugar futures, March lost 0.46 to 12.86 cents and back months slipped 0.38 to 0.46 cent. Volume reached an estimated 70,721 contracts, traders said. That compared with the 64,378 lots officially tallied the previous session.
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