Raw sugar prices settled mixed Tuesday as profit-taking hit the market to erase gains from a rally that hoisted the sweetener to contract highs, brokers said.
The New York Board of Trade's benchmark March raw sugar contract finished unchanged at 12.45 cents a lb, trading from 12.42 to a new contract high of 12.54 cents.
The finish represents the highest close for sugar on the spot weekly charts since trading around the same level in early December 1997.
May sugar rose 0.05 cent to 12.39 cents, having also touched a contract peak of 12.46 cents. Distant months gained from 0.08 to 0.14 cent.
Volume traded before the close of business stood at 41,080 lots, versus the previous tally of 74,770 contracts. Call volume hit 17,497 contracts and puts amounted to 7,151 lots.
Technicians feel resistance for the March contract would be at 12.50 cents and then 13 cents. They pegged support at 12.25 and 12.22 cents. Open interest in the No 11 raw sugar market increased 2,499 lots to 496,979 lots as of November 28.