ICE raw sugar futures trimmed early losses on Wednesday as investors covered short positions and looked for prices to stabilise after Tuesday's sharp sell-off, brokers said.
"We're seeing a little short-covering off of the lows here this morning. Everyone has been long and then they got out yesterday, so we have to stabilise back up towards 15.00 cents," said one floor dealer.
The ICE Futures electronic May sugar contract was off 0.03 cent at 14.33 cents per lb at 9:18 am EST (1418 GMT), near the upper end of its early 14.13 to 14.38 trading band. Trading volume Wednesday in the electronic May sugar contract amounted to 15,687 lots by 9:21 am.
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