Raw sugar futures settled stronger on Friday, despite gloomy demand and the firm US dollar, as shorts took cover before index funds began to roll positions, traders said. The July raw sugar contract rose 0.29 cent to close at 15.53 cents per lb. Session range from 15.06 to 15.72 cents. July contract volume came to 87,743 lots.
October sugar gained 0.22 cent to finish at 16.68 cents. Sugar futures climbed earlier on support from the weak US dollar and climbing crude oil futures, but the sweetener continued to climb when the dollar turned higher and oil pared its gains - traders. Short-covering and light trade buying viewed as supportive ahead of the index fund position rolling that was expected to hit the market later in the day - traders.
A lack of aggressive origin selling also helped the market to move higher - traders. Late-day July/October spreading by funds pushed the market off its highs - traders. Thursday's total volume in No 11 sugar contracts reached 159,139 lots, up from the prior session's heavy 270,093 lots - exchange data.
Open interest in the No 11 sugar market was 777,255 lots on Thursday, up from the previous 769,256 lots - ICE data. The No 14 sugar July contract settled down 0.05 cent at 21.35 cents per lb. Volume on Thursday in the No 14 domestic sugar market showed 469 lots, compared with 120 lots on Tuesday - exchange.
Comments
Comments are closed.