Raw sugar prices finished slightly easier Wednesday on mild profit-taking, but bullish fundamentals were seen pushing the market ever higher in the weeks ahead, brokers said.
The New York Board of Trade's benchmark March raw sugar contract slipped 0.02 cent to end at 12.43 cents a lb., trading in a band from 12.30 to 12.53 cents, which was one tick below the contract high.
On Monday and Tuesday, the contract settled at 12.45 cents in the best close for sugar on the spot weekly charts since it traded around the same level in early December 1997.
May sugar fell 0.05 cent to 12.34 cents. Distant months declined 0.03 to 0.07 cent.
Technicians felt resistance for the March contract would be at 12.50 and then 13 cents. They pegged support at 12.25 and 12.22 cents. Open interest in the No 11 raw sugar market rose 3,593 lots to 500,572 lots as of November 29.