Raw sugar prices closed Friday at its lowest level in eight months as commodity fund sales hammered the market and further pressure could lead to lower values next week, brokers said.
The New York Board of Trade's October raw sugar contract slid 0.53 cent or by 3.8 percent to conclude at 13.36 cents per lb, near the bottom of its 13.32 to 13.68 cents band. It was the worst close for the contract since ending at 13.39 cents on December 7. March dove 0.49 to 14 cents. Distant months lost from 0.37 to 0.50 cent.