NYBOT raw sugar futures settled firmer Thursday in activity featuring switch trade from players liquidating positions out of spot July, with more rollovers seen before the contract expires next week, brokers said.
July sugar went up 0.12 cent to settle at 7.21 cents a lb, dealing from 7.09 to 7.23 cents. Key October climbed 0.11 cent to 7.71 cents. Distant months increased 0.02 to 0.11 cent.
"Its been quietly steady on switching. The trade is giving it a boost by buying the July/October spread," a senior floor dealer said in alluding to the difference between July and second position October.
Open interest in July fell 8,136 to 33,318 lots as of June 23 while open interest in October shot up 6,500 to 161,827 lots. July expires on June 30.
Fundamentally, the market was still looking at the sugar harvest in top grower Brazil and subdued levels of cash activity.