NYBOT raw sugar futures closed softer Thursday on switch dealings as players rolled positions out of the spot October contract ahead of its expiration this month, brokers said.
October sugar fell 0.09 cent to close at 7.66 cents a lb, ranging between 7.60 and 7.70 cents. Active March sank 0.12 to 8.53 cents, moving from 8.49 to 8.57 cents. Except for two contracts, the rest eased 0.01 cent.
"It was a bit boring, but a lot of it was switches although the pace seems to be dwindling since we've done a lot the past few days," a senior floor broker said. Fund liquidation and trade sales, especially in the March contract, nudged futures down, dealers said.
Open interest in October fell 5,996 lots to 72,746 lots as of Sept. 15 while interest in March jumped 7,711 lots to 148,046 lots. October will expire on September 30.