November 24, 2002	Sunday	Ramazan 18, 1423

NEW YORK, Nov 23: CSCE raw sugar closed mixed on Friday, with key March futures scaling a two-week peak on speculative and spread-related trade buying, but values mainly mirrored dull business in London white sugar.

It was a slow day, said Fimat USA Brazil Desk trader Elizabeth McGuire. We made a double top and we held support. Other than that, it’s the same stuff we’ve been seeing — the trade buying spreads while locals most of the day were quiet.

Prices held inside Thursday’s range, with the intraday high in March futures at 7.48 cents, the same as Thursday, below resistance pegged at above 7.50 cents.

CSCE benchmark March rose 0.02 cent to 7.45 cents a lb, its highest settlement since early November, after trading from 7.35 to 7.48 cents. Spot January climbed 0.02 to 7.65 cents while May shed 0.02 to 6.73 cents.

Deferred delivery months fell 0.04-0.14 cent.

The funds bought some 500 lots early in the session as prices steadied, but not enough to set off small buy-stop orders waiting up at 7.50 cents in March raws.

Heavier stops lurk above 7.60 cents, before a gap leads up to this month’s 16-month high of 7.77 cents.

One New York desk broker said the latest figures were neutral to bullish for the market after futures in early November fell more than one cent from the highs before rallying back above 7.00 cents.

LIFFE white sugar ended slightly lower, with active March down $1.30 at $207.60 a ton.—Reuters