NYBOT raw sugar futures finished higher Wednesday as the sweetener banked on trade buying to rebound from recent falls to a 7-week low, with the market expected to grind higher on follow-through interest in the days ahead, brokers said.
October sugar shot up 0.18 cent or 2.39 percent to close at 7.72 cents a lb, dealing between 7.62 to 7.76 cents. On Tuesday, the contract ended at 7.54 cents in the lowest finish for sugar on a spot basis since trading near 7.13 cents in late June.
March increased 0.15 cent to 8.29 cents. Distant months gained between 0.12 cent to 0.17 cent.
Technicians put resistance in the October contract in the area of 7.79 cents, a former area of support, and then the region of 7.84/87 cents. They pegged support at 7.55 and 7.50 cents.