Raw sugar futures in New York settled higher Wednesday, boosted by trade buying as the market continued to test the upper end of its trading range, sources said. New York Board of Trade's March raw sugar contract closed up 0.38 cent at 11.96 cents per lb after trading 11.53 to 11.99 cents.
Producer selling continued to be seen as March sugar neared the 12-cent level, but some analysts believed the market was primed for a slight break-out with firmer energy prices lending support. May climbed 0.33 cent to 12.07 cents, and deferred or back month contracts settled up 0.17 to 0.28 cent.
NYBOT final No 11 raw sugar futures volume was estimated at 51,077 lots, up from Tuesday's tally of 29,443 lots. Call volume surged to 15,833 lots, while puts reached 12,898 lots. As of November 7, open interest in the No 11 raw sugar market rose 240 contracts to 487,900 lots. The ethanol market was untraded.
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