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CSCE world sugar higher at midday in correction

NEW YORK: CSCE world sugar remained higher at midsession, supported by persistent trade buying, market sources said.

Traders said today's activity was correction to market's oversold condition following steep losses Monday and further weakness in the nearby contracts Tuesday. The key May contract settled near two-month lows Tuesday.

At 1113 EST, May sugar was up 0.14 cent a lb at 11.68 cents, after ranging between 11.70 and 11.57 cents. July was 0.09 higher at 10.99 cents, while the remaining months traded 0.01 to 0.04 firmer.

Traders noted that the closely watched May/July spread was well-supported near the 0.60-cent level. Continued trade buying of the spread was offset by fund liquidating May long posistions into July, one trader said.-Reuter