Raw sugar futures settled at a two-week high on Wednesday as investor fund buying spurred in part by consumer offtake and analysts feel the markets momentum should drive the sweetener higher this week. The key May raw sugar contract gained 0.13 cent to end at 13.24 cents per lb.
Trading from 13.03 to 13.31 cents. It was the highest close for sugar on a spot basis since March 4. Volume traded in the May contract reached 35,127 lots at 1:59 pm EDT (1759 GMT). July sugar rose 0.16 cent to finish at 13.63 cents. Technicians believe resistance in the May contract is at 13.30/35 and 13.50 cents.
They said support in May should now be at 13 cents, with 12.50 cents underneath that level. Volume traded Tuesday in the No 11 sugar market hit 80,624 lots, versus the previous 56,735 - exchange data. Open interest for No 11 sugar market at 633,731 lots as ofrom the prior tally of 623,422 contracts. The domestic No 14 sugar contract showed the May contract up 0.03 cent at 19.01 cents at 2:01 pm volume on Tuesday in the No 14 market amounted to 445 lots - exchange data.