The price of raw sugar at the New York Board of Trade finished Tuesday at its highest level in 4-1/2 years due to heavy fund buying and a bullish fundamental outlook for the sweetener, analysts said. "I think we'll go higher. The fundamentals are still bullish," Alex Oliveira, an analyst for FIMAT USA Inc said.
NYBOT's key October raw sugar contract climbed 0.13 cent or 1.3 percent to settle at 10.09 cents a lb, just a hair below the contract high of 10.10 cents. The low for the day was 9.86 cents.
Based on the spot contract charts, it was the highest close for sugar since concluding at 10.14 cents on February 2, 2001.
The second position March contract rose 0.12 cent to finish at 10.04 cents. The back months in the sugar ring increased from 0.02 to 0.11 cent.
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