ICE raw sugar futures edged higher at the open Tuesday with an active options pit and supportive outside markets providing the sweetener with some early stability after Monday's sharp drop, brokers said.
"There's a little bit of put selling here right now, with the market coming back a little bit. There has been some size in the May 12.00 put this morning," said one floor dealer, adding that firmer crude oil prices and further weakness in the US dollar supported the early advance.
The ICE Futures electronic May sugar contract was up 0.11 cent at 12.20 cents a lb by 9:20 am EDT (1320 GMT), moving between 12.04 and 12.28 cents. Trading volume in the electronic May sugar contract reached 16,898 lots by 9:21 am.