NYBOT raw sugar futures finished Wednesday near a two-week high on trade buying that some players suspect may be linked to consumer imports of the sweetener, brokers said.
Talk swirled in the market the robust trade buying may be tied to buying by India and other importers. Sugar prices are also seen turning higher due to a supply deficit in the 2004/05 season, the dealers said.
October sugar jumped 0.17 cent to end at the day's high of 7.76 cents a lb, with the session low at 7.61 cents. It was the highest finish for sugar on a spot basis since closing at 7.81 cents on Sept. 10.
Active March added 0.12 to 8.54 cents, in a band from 8.38 to 8.56 cents. The rest added 0.01 to 0.10 cent.
Traders saw support in October at 7.35 and 7.25 cents, with resistance at 7.80 and 8.00 cents.