Raw sugar futures finished lower on Monday on investor and trade sales as the recovery from a fall last week to a 3-1/2 week low ran out of steam, brokers said. The October raw sugar contract fell 0.12 cent to end at 12.32 cents per lb, dealing from 12.14 to 12.39 cents. Volume traded in the October contract was at 25,235 lots at 2:02 pm EDT (1802 GMT).
Analysts said the October contract sought anew to get near the 12.45 area where it broke down, but stopped well short of that level. It started lower and ran into steady technically-inspired sales pressure for the rest of the session.
"The market stalled. I don't know if it challenges the area under 12 (cents, basis October). It still depends to a degree on influence from outside markets," a dealer said. Technicians put support in October sugar at 11.93 and 11.25 cents, with resistance at 12.50 cents.
Total deals done Friday was at 49,090 lots, exchange data showed. Open interest in the No 11 raw sugar market rose 1,566 lots to 791,045 contracts as of July 25, the exchange said. The domestic No 14 sugar market showed the spot September contract down 0.03 cent at 24.20 cents at 2:04 pm. Volume traded Friday in the No 14 sugar market was at 36 lots, exchange data showed.