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Raw sugar prices bounded to a firm close Thursday on trade and speculative buying and market players were gearing for a post-New Year rally that could hoist prices up to the psychological 15-cent level, brokers said.

The raw sugar market will be shut Monday for the New Year holiday. Trading resumes Tuesday.

The New York Board of Trade's benchmark March raw sugar contract climbed 0.18 cent, or 1.2 percent, to close at 14.79 cents a lb., dealing from 14.66 to 14.80 cents. May sugar rose 0.14 to 14.80 cents. Distant months increased from 0.15 to 0.18 cent.

Technicians see resistance in the March contract at 14.90 and 15 cents, with support at 14.50 and 14 cents. Open interest in the No 11 raw sugar market soared 5,630 lots to 538,440 lots as of December 28.

Volume before the close stood at 24,620 lots, down from the previous tally of 38,614 contracts. Call volume reached 13,935 lots and put volume amounted to 7,781 lots.

Copyright Reuters, 2005


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