Raw sugar prices settled mixed Thursday as the market eked out small gains in the front months due to speculative and trade buying, with brokers saying the sweetener should trade in a range over the next few sessions.
The New York Board of Trade's March raw sugar contract rose 0.04 cent to finish at 11.13 cents per lb, moving from 11 to 11.33 cents. May was steady at 11.30 cents. The rest ranged from 0.01 cent easier to 0.02 cent firmer.
"It held support and the selling dried up at 11 cents (basis March)," said James Cordier of Liberty Trading Group. "It also got a little help from commodity buying." Technicians see support for the March contract at 11 and 10.50 cents, with resistance at 11.90 and 12 cents.
Volume before the close stood at 23,321 lots, from the previous count of 44,962 lots. Call volume reached 2,149 lots and puts amounted to 3,124 lots. Open interest in the No 11 raw sugar market fell 294 to 436,684 lots as of October 11. The ethanol market was untraded.
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