Raw sugar futures closed steady on Wednesday as the market took a breather for several days of investment liquidation and brokers concentrated on switch trade for now, analysts said. The October raw sugar contract rose 0.04 cent to settle at 12.14 cents per lb. The trading range was at 11.98 to 12.24 cents.
March sugar gained 0.03 cent to 13.88 cents. Volume traded in the October contract hit 64,113 lots at 2:09 pm EDT (1809 GMT). Technicians feel support in the October contract at 12 cents, with resistance at 12.50 and 12.84 cents. Volume Tuesday reached 163,767 lots - exchange data.
Open interest in the No 11 raw sugar market was down 13,892 lots to 811,862 lots as of September 9 - ICE Futures US. The domestic No 14 sugar market showed the November contract up 0.40 cent at 23.80 cents at 2:10 pm. Volume traded Tuesday was at 400 lots, the exchange said.