Raw sugar futures banked on speculative and trade buying to close Friday at a 6-week high, with the strong end to business seen buoying sweetener values into next week, analysts said. The New York Board of Trade's May raw sugar contract surged 0.20 cent to end at 9.17 cents a lb, trading between 9.01 and 9.19 cents. It was the highest close for sugar on a spot basis since settling at 9.22 cents on January 31. July increased 0.16 cent to 9.29 cents.
The rest gained 0.13 to 0.17 cent.
"You've got a good blend of trade and speculative buying and we should see some follow-through next week," an investment house dealer said.
Brokers said the trade buying was likely tied to consumer buying, possibly from Russia and regular customers in the Middle East. Sugar looks fundamentally strong due to a supply deficit and expectations of robust consumer demand.