Raw sugar prices settled sharply lower Friday due to late speculative sales and near the bottom of the recent range, with more losses expected for next week, brokers said.
New York Board of Trade's March raw sugar contract fell 0.22 cent to finish at 11.31 cents per lb, dealing from 11.30 to 11.58 cents. May fell 0.20 to 11.50 cents. The rest lost 0.10 to 0.19 cent.
"The locals hit it late but its really in a wide range from 11 to 12. We really need to go below 11 or over 12 so we can see some excitement in this market," a floor dealer said. Technicians believe resistance in the March contract is at 12 and 12.05/08 cents, with support at 11.30 and 11 cents.
Volume before the close stood at 26,544 lots, from the previous count of 22,051 lots. Call volume reached 6,932 lots and puts amounted to 3,772 lots. Open interest in the No 11 raw sugar market rose 3,203 to 478,454 lots as of November 2. The ethanol market was untraded.
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