Raw sugar futures sprang to a firm close Wednesday as steady trade buying and switch dealings kept the sweetener buoyant, with operators saying the market could edge up in the days ahead, brokers said. The New York Board of Trade's May raw sugar contract rose 0.07 cent to end at the session peak of 8.40 cents a lb., with the day's low at 8.31 cents. July gained 0.01 to 8.44 cents. Back months added 0.01 to 0.03 cent.
"It's been mostly spreads," a trading house broker said, alluding to investors transferring positions from the spot contract and into back months since May will expire by month's end.
"The trade was doing most of the buying in the spreads and the locals came in as the market moved higher," the broker said. "We should remain steady and then we'll look where we go from here after May goes off the board."