20000105CSCE sugar ends easier in quiet post-2000 trade

NEW YORK: CSCE sugar futures closed marginally easier Monday in a range-bound market which struggled to look for direction following the New Year millennial holiday celebrations.

"It was a non-event today," a floor trader said.

March sugar SBH0 came off a scant 0.02 to close at 6.10 cents a lb, trading from 6.18-6.05 cents. May SBK0 shed 0.07 to end at 6.24 cents. Back months lost 0.10 cent each.

"All the buying came in on the March-May switch," a dealer said. "There was a lack of selling and London is closed, and so it was a kind of an inside, nothing day."

Dealers said many players were still on the sidelines, especially with the London whites market not scheduled to reopen until Tuesday.

Physical business likewise remained slack.

Technicians said they feel resistance in March sugar should be at 6.15 and then 6.20 cents. Support should be seen at 6.00 cents, followed by 5.95 cents.

Estimated volume reached 12,427 lots compared to the previous 9,518. Call volume touched 1,465 lots while put volume was estimated at 690 lots.

The CSCE is a subsidiary of the New York Board of Trade.

In industry news, Indonesia revoked an earlier policy issued by the government that raw sugar could only be imported by refiners while white sugar could only be imported by the food and beverages industry.

Under the new decree, importers can import any kind of sugar into the world's fourth most populous country.-Reuters