Raw sugar prices rebounded from a fall to a five-week low by banking on speculative buying to end firmer Wednesday and the sweetener may consolidate around its current level over the coming sessions, brokers said.
The New York Board of Trade's key March raw sugar contract went up 0.22 cent or nearly 2.0 percent to close at 11.47 cents a lb, dealing from 11.34 to 11.51 cents.
On Tuesday, March finished at 11.25 cents in the lowest close for the contract since ending at 11.13 cents September 28. May rose 0.19 to 11.42 cents. The rest increased from 0.10 to 0.19 cent.
The fundamentals for sugar remain bullish since growers are still tempted to divert cane into ethanol production due to high crude prices.