Raw sugar prices closed lower Tuesday on producer and speculative sales to scupper an early advance and most analysts feel the market may see further weakness due to bearish fundamentals in the days ahead.
The New York Board of Trade's March raw sugar contract dropped 0.11 cent to end at 11.69 cents per lb, ranging from 11.58 to 12.05 cents. May eased 0.09 to 11.86 cents. One contract aside, the rest lost 0.10 cent.
Technicians believe the next area of resistance for the March contract is at 11.90 and 12.05 cents, with support in the region of 11.47/50 and then down to 11 cents.
Volume before the close stood at 28,299 lots, from the previous count of 35,992 lots. Call volume reached 8,514 lots and puts amounted to 6,092 lots. Open interest in the No 11 raw sugar market rose 55 to 456,710 lots as of October 23.
No deals were done in the ethanol market. US domestic sugar prices settled mixed. The January contract rose 0.02 to 20.231 cents per lb and March eased 0.03 to 20.30 cents. The rest ranged from 0.07 cent lower to 0.02 cent firmer. Volume before the end of business hit 52 lots, from the prior tally of 411 lots.
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