Open interest in the raw sugar market hit its highest level in three months, data from ICE Futures US showed on Wednesday. The exchange said open interest in raw sugar stood at 607,316 lots on Monday, the highest level since reaching 613,181 lots on September 28. Open interest has risen 12 out of 14 trading days in December, rising 6.5 percent this month from 570,470 lots at the end of November.
Raw sugar has rallied nearly 20 percent in December. The benchmark March contract posted its highest settlement in 30 years by ending at 33.02 cents on Tuesday, after trading as high as 33.65 cents. "Some of the funds are coming back into the market," a dealer said of the steady rise in the market's open interest. "But it is not like it was in the early part of the year." The current level is still sharply below the 2010 peak in open interest in the raw sugar market, which stood at 879,341 lots on February 4.
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