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CSCE world sugar pares gains

NEW YORK: CSCE world sugar traded higher and in the middle of the session's range at midday, buoyed by trade buying in technically driven dealings, industry sources said.

Traders said commission house selling pared earlier gains.

At 1126 EDT, July sugar was 0.13 cent higher at 11.23 cents per lb, traded 11.30 to 11.11 cents. Nearby May was up 0.07 at 11.70 cents, traded from 11.83 to 11.64. The remainder traded up 0.04 to 0.13.

The May/July switch continued to trade actively. May's premium to July weakened to 0.48 cent today after closing at 0.53 Wednesday.

One trader said although there was little physical news affecting the market, the sugar market has risen recently in sympathy with other commodity markets. The Knight Ridder-Commodity Research Bureau index rose to fresh eight year highs Thurday.

"When all other commodities go through the roof, sugar looks pretty cheap," he said.

Volume as of 1100 EDT was an estimated 14,177 lots.-Reuter