Raw sugar prices settled with small gains Friday on modest trade and speculative buying but ample supplies are seen keeping the market on the defensive going into next week, brokers said.
The New York Board of Trade's March raw sugar contract added 0.12 cent to conclude at 11.71 cents per lb, moving from 11.46 to 11.76 cents. May gained the same to 11.86 cents. The rest went up 0.10 to 0.20 cent.
Mike McDougall, senior vice-president of FIMAT USA Inc, said sugar was confined to a band as trade buying was seen at 11.50 cents and below while producer sales showed up at 11.60 cents and above. Technicians believe the next area of resistance for the March contract is at 11.90 and 12 cents, with support in the region of 11.47/50 and then down to 11 cents.
Volume before the close stood at 24,450 lots, from the previous count of 56,875 lots. Call volume reached 4,843 lots and puts amounted to 4,681 lots. Open interest in the No 11 raw sugar market fell 2,467 to 457,485 lots as of October 19.
There were no deals in the ethanol market.
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