NYBOT raw sugar futures closed marginally higher Tuesday on modest trade and speculative buying in quiet business, with most brokers saying the sweetener may drift lower in the coming weeks, brokers said.
The benchmark March raw sugar contract added 0.04 cent to conclude at 8.50 cents a lb, ranging from 8.45 to 8.57 cents. May rose 0.02 cent to 8.66 cents. Two contracts aside, the rest settled flat.
"The market couldn't energise itself," an investment house analyst said. "There was some initial steadiness that may be tied to overnight (consumer) offtake, but it was really dead."
Technicians said they feel support in the March raw sugar contract would lie at 8.35 cents while resistance would be at 8.55 cents.