NEW YORK: Orange juice futures closed higher Friday for the fourth straight session as investors continued to build on the more than 10 percent gain in February, brokers said.
Key May frozen concentrated orange juice rose 2.60 cents to end at $1.9035 per lb, dealing from $1.8775 and $1.937. On the week, the market is up 3.45 percent.
"We're seeing some spec short-covering, but its been of the modest variety," a dealer said.
The juice market had staged an advance on investor short-covering. It had also been supported by uncertainty over tests by the US Food and Drug Administration given to Brazilian juice imports due to the use of a prohibited fungicide by Brazilian citrus growers.
Volume on Friday amounted to just under 1,000 lots, about a third above the prior session's tally of 659 loots, Thomson Reuters and exchange data showed.
Open interest in the market, an indicator of investor exposure, stood at 22,085 lots as of March 1, ICE Futures US data showed.
Comments
Comments are closed for this article.