Raw sugar prices settled at a one-week low Tuesday on technical selling, as investment funds pared back huge long positions in the market which last week drove prices to a 4-1/2-year high, dealers said. The New York Board of Trade's key October raw sugar contract fell 0.18 cent to 9.92 cents a lb, dealing from 10.15 to 9.80 cents - a low since August 1.
March lost 0.13 cent to end at 10.08 cents while other months shed 0.12 to 0.20 cent.
"I think people are looking to buy the market after the funds stop liquidating, because the fundamentals are still good, despite the market being overbought for quite some time," said Alex Oliveira, an analyst for FIMAT USA Inc.