CSCE raw sugar futures ended higher Friday on late speculative buying, with further interest from those accounts possibly hoisting the sweetener higher into next week, analysts said.
CSCE July sugar rose 0.09 cent to finish at 6.58 cents a lb, dealing between 6.41 and 6.59 cents. October rose 0.11 to the day's high of 6.92 cents. Except for one contract, the rest were flat to 0.08 cent better.
"We would see some buying in the first part of next week," said James Cordier of Liberty Trading Group.
The July contract has been pinned in a band running from its recent low of 6.25 and a double top at 6.80 cents.
Technicians said support in the July contract was at 6.50 and 6.45 cents. Resistance was at 6.80 and then 7.00 cents.
Final estimated volume reached 18,057 lots against the previous tally of 12,416 lots. Call volume stood at 5,083 lots while puts reached 6,834 lots. Open interest in the No. 11 sugar market fell 604 lots to 261,661 lots as of May 20.
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