Strong trade and speculative buying interest and a firmer New York market helped London sugar futures score hefty gains on Wednesday after a day that the prices make a clean break from recent territory, dealers said.
"It's been a busy session and these gains should put the market on a much stronger footing," a trader said.
Front-month May broke through nearby resistance levels to climb within only $1.00 of the $227.00 March 24 contract high as early trade buying hit speculative buy stops.
May closed $7.30 or 3.35 percent higher at $225.50 a tonne, having moved between $226.00 and $218.00 on 5,116 lots from total turnover of 11,246 lots.
August gained $6.30 to end at $223.50 on 4,492 lots after setting a new $224.00 contract high.
In New York, May sugar leapt by 0.31 cents to a high of 6.74 cents per lb in early US trade on Wednesday amid speculative and fund buying.
A report by Societe J Kingsman was also seen as supportive for prices.
Comments
Comments are closed.