Raw sugar futures closed marginally easier Wednesday on speculative sales in a market becalmed by the fact most players went home early due to the longest holiday break of the year, brokers said.
The raw sugar market will be shut Thursday and Friday for Thanksgiving. Trading resumes on Monday. The New York Board of Trade's March raw sugar contract shed 0.01 cent to end at 11.47 cents per lb, dealing from 11.42 to 11.57 cents. May lost the same to 11.59 cents. One contract aside, the rest fell 0.04 cent.
Technicians feel support for the March contract would be at 11.30, 11.24 and down to 11 cents. They forecast resistance at 12 and then 12.30 cents. Volume before the close reached 22,355 lots, from the prior count of 31,469 lots. Call volume amounted to 13,463 lots and puts reached 2,229 lots. Open interest in the No 11 raw sugar market rose 105 to 507,837 lots as of November 21. The ethanol market was untraded.
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