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  • Oct 26th, 2005
  • Comments Off on US MIDDAY: sugar moves up on speculative short covering
Raw sugar prices settled higher Tuesday on speculative short covering as the market remains trapped in a band due to a dearth of fresh leads, brokers said.

The New York Board of Trade's key March raw sugar contract rose 0.19 cent or 1.9 percent to conclude at 11.82 cents a lb, moving from 11.62 to 11.85 cents. It was an inside day since the range was within Monday's 11.60 to 11.86 cents band. May gained 0.18 to 11.74 cents. The rest increased 0.12 to 0.18 cent.

"It doesn't look like it's getting out of its range," a long-time floor dealer said, adding key March is pinned between 11.50 and the recent high of 11.86 cents.

Copyright Reuters, 2005


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