Raw sugar futures closed Wednesday at their highest level in 4-1/2 years as massive fund buying sparked a rally in the market, dealers said.
The benchmark October raw sugar contract on the New York Board of Trade climbed 0.11 cent, or 1.1 percent, to close at 10.20 cents a lb., having traded from 10.11 to a new contract high of 10.24 cents. It was the highest close for sugar since January 2001.
"It was fund buying all the way," a floor dealer said.
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