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Raw sugar futures closed at a two-month low Friday on late investor liquidation, and the momentum from the sell-off could lead to further losses going into next week, brokers said. The March raw sugar contract dove 1.30 cents, or 5.7 percent, to end at 21.24 cents per lb. It was the lowest close for sugar since early August. Trading from 21.18 to 22.96 cents.
March volume 85,349 lots at 1:55 pm EDT (1755 GMT). "Sugar came unglued," said Sterling Smith, an analyst for brokers Country Hedging Inc in Minnesota. "This looks like some sort of fund liquidation," he said, adding a similar round of selling hit the grains market as well and then spread to sugar.
There was nothing fundamental in the weakness of the complex, but analysts said the momentum could lead to a probe of 21 cents, then 20.90, basis March, next week - dealers. Automatic computer-run sell orders kicked in when the March contract slid below 22 cents, the dealers said. Analysts said the demand outlook remains healthy, despite a slowdown caused by an acceleration in the Indian cane harvest.
India has become a heavy buyer of sugar after the cane crop was hit by poor monsoon rains. Investors took note of the tight US sugar market, although additional American imports at this time are unlikely. Analysts said the US may have to import up to 800,000 tonnes of sugar in the spring to meet a domestic shortfall.
Technicians believe support in the March contract would be at 21.80 and 21 cents, with resistance at 24 and 25 cents. Volume traded Thursday in the No 11 sugar market was 153,118 lots, up from 92,323 lots - exchange data. Open interest in the No 11 sugar market was 770,546 lots as of October 8, up from 768,413 contracts - exchange data.

Copyright Reuters, 2009

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