Raw sugar prices settled mixed Wednesday with small speculators giving nearby contracts a mild boost and most players betting the sweetener could rally on fund buying after the New Year holiday break, brokers said.
The New York Board of Trade's benchmark March raw sugar contract increased 0.06 cent to close at 14.61 cents a lb, dealing from 14.36 to 14.63 cents. May sugar rose 0.02 to 14.66 cents. One contract aside, the rest slipped by 0.01 or 0.02 cent.
Steve Platt of Archer Financial Services in Chicago said sugar prices could slip in the days ahead as the market gives back some of its gains after its recent rally.
Technicians see resistance in the March contract at 14.90 and 15 cents, with support at 14.50 and 14 cents. Open interest in the No 11 raw sugar market fell 830 lots to 532,810 lots as of December 27.