Raw sugar futures reversed early losses to close up 4 percent on Wednesday, as a wave of system buying lifted the market closer to last week's 30-year peak simultaneously with the rebound in the commodity complex.
ICE March raw sugar surged 1.2 cents or by 3.9 percent to settle at 32.20 cents per lb, remaining rangebound despite covering a wide 1.96-cent low-high distance. The surge brought the market closer to the 30-year high reached on December.