NYBOT raw sugar futures settled largely softer on Friday due to producer and speculative sales, with the trade uncertain if the sweetener will grind its way higher from here, analysts said.
October sugar held its own by closing steady at 8.28 cents a lb. while moving from 8.11 to 8.30 cents. March eased 0.01 to 8.72 cents. Except for one contract, the back months lost 0.01 or 0.03 cent. Sugar popped higher at the start, but ran into producer sales to quickly lose ground, brokers said.
Small speculators then unloaded their long positions in the sweetener to press the market to its lows for the day. But speculative and trade buying resuscitated sugar as the market ended the week near its highs for the session. Call volume reached 2,768 lots while puts hit 3,649 lots. Open interest in the No. 11 sugar market rose 1,531 to 303,569 lots as of July 29. Ethanol futures ended flat, with September again unchanged at 97.50 cents a gallon.
Except for one contract, the rest slipped 0.01 to 0.05 cent. Final estimated volume stood at 342 lots, against the previous 48 lots.