Raw sugar prices ended mixed Wednesday as the market consolidated after surging yesterday to its highest level in over seven years, brokers said.
But the overall outlook for the sweetener remains bullish as funds controlling large pools of money seem poised to keep buying the sweetener in the days ahead, they said.
"We're building up momentum to take out 12 (cents in the March contract)," a dealer for a brokerage house said. "We got near the contract high for March and the funds just want to keep piling in."
The New York Board of Trade's key March raw sugar contract rose 0.04 cent to conclude at 11.73 cents a lb, moving from 11.62 to 11.85 cents. May added 0.01 cent to 11.64 cents. One contract aside, the rest lost 0.01 or 0.02 cent.