CSCE raw sugar futures ended lower Tuesday on speculative fund sales from investors rolling positions out of spot May before it expires by the end of the month, dealers said.
CSCE May sugar lost 0.06 cent to settle at 6.61 cents a lb, ranging between 6.50 cents and 6.71 cents. July eased 0.04 cent to 6.95 cents. Except for one contract, the rest fell 0.01 cent to 0.07 cent.
Judy Ganes of J. Ganes Consulting said the market saw fund liquidation in sugar stemming from investors switching positions from spot May and into back months like July.
Open interest in May sank 9,083 lots to 87,873 lots as of April 12, while interest in July climbed 6,949 to 95,075 lots.
The switch activity is seen picking up as players scramble to get out of May before it goes off the board on April 30.
Final traded volume hit 58,583 lots, from the prior tally of 56,119 lots. Call volume reached 5,745 lots while puts stood at 5,245 lots.