NYBOT raw sugar futures closed mixed Tuesday as the market took a breather after rallying to a 17-month high, with bullish fundamentals and robust fund interest seen propelling sugar higher in the days ahead, brokers said.
October sugar eased 0.01 cent to conclude at 8.38 cents a lb, moving from 8.33 cents to a new lifetime high of 8.43 cents. March lost the same to 8.81 cents. Except for one contract, the rest gained 0.03 to 0.10 cent.
Technicians pegged resistance in the October contract at its contract peak of 8.43 cents and then 8.50 cents. Support was at 8.20 and 7.97 cents.
Final estimated volume was 30,451 contracts, from Monday's tally of 33,206 lots. Call volume reached 7,321 lots, while puts hit 5,097 lots. Open interest in the No 11 sugar market soared 9,162 lots to 314,829 lots as of August 2.