Raw sugar futures stumbled to a weak close on Monday on investment fund sales and a firm dollar as the market throttled back after touching a 9-week top, brokers said. Benchmark October fell 0.21 cent to end at 12.87 cents per lb, trading from 12.67 to 13.28 cents, the highest level in nine weeks based on the second position intra-day daily charts.
On Friday, October ended at 13.08 cents. Based on the second position daily closing charts, it was the best finish for sugar since it ended at 13.29 cents on April 18. Spot July dropped 0.26 cent to close at 11.71 cents, dealing from 11.54 to 12.18 cents.
Volume in October was 49,657 lots at 2:08 pm EDT (1808 GMT) while July hit 15,697 lots. Sugar charged up to its highs in early business, but the strong dollar knocked market back, dealers said. The trade is monitoring news that recent rains in top grower Brazil may affect yields. Volume traded Friday in the No 14 sugar market hit 1,136 lots, exchange data showed.
Comments
Comments are closed.