Raw sugar futures settled easier on Tuesday on investment fund sales caused in part by worries whether a plan to right crippled financial markets will work, brokers said. The October raw sugar contract fell 0.23 cent to close at 11.83 cents per lb. The trading range was at 11.76 to 12.11 cents.
Benchmark March sugar declined 0.32 cent to end at 13.94 cents, trading from 13.85 to 14.30 cents. Volume traded in the March contract hit 43,990 lots at 2:14 pm EDT (1814 GMT). "Right now, all eyes are on other things," said Sterling Smith, senior analyst for brokers FuturesOne in Chicago. He said the focus of most investors would be on the US Congress debate of the $700 billion bank bailout proposal.
The sugar market also is watching world stock and bond markets, Smith said. With that in mind, Smith added that most investors in the sugar market are on a wait-and-see mode until they see the final shape of the plan from the US Congress.
Volume Monday in the No 11 sugar market reached 115,908 lots - exchange data. Open interest in the No 11 raw sugar market sank 7,277 lots to 751,355 lots as of September 22 - ICE Futures US. The domestic No 14 sugar market showed no deals done in the November contract at 2:15 pm. Volume traded Monday in the No 14 market was at 377 lots, the exchange said.
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