Raw sugar futures settled mostly lower on Wednesday, correcting from Tuesday's hike while position rolling out of July into September ahead of the front-month's on Friday expiration remained the main feature, brokers said.
"It's been a very quiet day. We do see producers selling above the market, October and March. Locals are selling the market, small specs. I don't see any particular volume hitting the market," one trader said. New York Board of Trade's benchmark October sugar contract dropped 0.06 cent to settle the open-outcry session at 9.65 cents per lb. after trading 9.48 to 9.67 cents. One contracts aside, the rest slipped 0.02 to 0.05 cent. The IntercontinentalExchange's NYBOT electronic platform for sugar showed the October contract down 0.13 cent at 9.58 cents at 1:27 pm. Open interest in the July contract dropped 7,141 lots to 43,277 lots as of June 26. July goes off the board on June 29. A Russian government body has postponed until July adopting a recommendation on a seasonal duty of $250 per tonne on raw cane sugar imports for January-May and December 2008, the Economy Ministry said on Wednesday.
This had a bearish impact on the market, dealers said. Open-outcry volume around noon was at 13,462 lots, compared to Tuesday's tally of 19,389 lots. Call volume was 10,050 lots and puts 3,271 lots. NYBOT said on Tuesday's screen trade was a heavy 112,004 lot and total volume 131,393 lots.
Open interest in the No 11 raw sugar market fell 1,261 lots to 667,014 lots as of June 26. No deals were done in the ethanol market.
US domestic sugar prices ended mixed. The September contract was unchanged at 21.45 cents per lb. while November rose 0.03 cent to 21.11 cents. The rest were flat to 0.05 cent lower. Screen volume traded on Tuesday in the No 14 sugar market hit 230 lots and 1 lot was traded in the pit. The electronic No 14 sugar market saw the September contract up 0.02 cent at 21.47 cents at 1:26 pm.
Comments
Comments are closed for this article.