Raw sugar futures settled mostly lower on Friday, pressured by late-day speculative selling after a session marked by rangebound dealings, while interest in July/October position rolling faded as the front-month was set to go off the board, brokers said.
"We were stuck here in the spread in a range that nobody really has any big interest in. Above the market people will deliver, below the market people will take delivery," one trader said. Volume was light and there was a lack of selling interest by producers, dealers said.
The New York Board of Trade's benchmark October sugar contract dropped 0.09 cent to close at 9.52 cents per lb., after trades spanned from 9.45 to 9.71 cents. One contracts aside, the rest ranged from 0.01 to 0.07 cent lower. The IntercontinentalExchange's NYBOT electronic market for sugar showed the October contract down 0.01 cent to 9.60 cents at 2:03 pm.
Open interest in the July contract dropped 14,372 lots to 21,128 lots as of June 28. July expired on Friday. Open-outcry volume was light 7,085 lots, compared to Wednesday's tally of 12,469 lots. Call volume was 9,816 lots and puts 2,696 lots. NYBOT said on Thursday's screen trade were 72,523 lots and total volume 84,992 lots.
Open interest in the No 11 raw sugar market sank 8,314 lots to 655,912 lots as of June 28. No deals were done in the ethanol market. US domestic sugar prices settled flat to modestly higher with the September contract up 0.01 at 21.49 cents per lb. while November was unchanged at 21.11 cents.
The rest ranged from steady to 0.02 higher. Screen volume traded on Thursday in the No 14 sugar market hit 103 lots and 350 lots were traded in the pit. The electronic No 14 sugar market saw the September contract fall 0.01 cent at 21.10 cents at 2:02 pm.
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