NEW YORK: Orange juice futures finished higher Tuesday on speculative buying as the market extended its recovery after dropping last week to its lowest level in 1-1/2 years, analysts said.
Key July frozen concentrated orange juice added 1.70 cents or almost 1.2 percent to close at $1.4795 per lb after trading from $1.4565 to $1.5235.
"It's putting together a recovery rally," said The Price Group analyst Jack Scoville.
The market has stabilized after sinking over 10 percent in value over the past few weeks, analysts said.
Last Wednesday, the contract finished at $1.417 after bottoming at $1.3835. That marked the lowest close for the spot juice contract since Sept. 3, 2010, according to Thomson Reuters data.
The trade kept its eye on near ideal growing weather in Florida, the country's leading citrus producer.
Volume traded on Tuesday amounted to around 2,300 lots, little changed from the 30-day norm, preliminary Thomson Reuters data showed.
Open interest, an indicator of investor exposure, rose for the fifth session in a row to stand at 20,628 lots as of April 16, ICE Futures US data showed.
Comments
Comments are closed for this article.