NEW YORK, Nov 7: CSCE sugar futures finished on Tuesday near a seven-week high on all-around buying into stops, with the market poised for a further advance after piercing overhead resistance.

It was a little bit of everything, Mike McDougall, vice-president of the Latin American desk at FIMAT USA Inc., said in describing the buying that hit futures. It’s set itself up for a little bit of follow-through tomorrow.

CSCE March sugar surged 0.20 cent, or by 2.92 cent in value on the day, to settle at 7.05 cents a lb, just a hair below the session peak of 7.07 cents. The intra-day low was at 6.85 cents.

The close was the best for sugar on a spot continuation basis since Sept. 21, 2001 when it also ended at 7.05 cents.

On Monday, the contract gained 0.22 cent or 3.32 per cent, to end at 6.85 cents. Over the last two sessions, March has risen 0.42 cent or by 6.33 per cent in value.

Spot January rose 0.07 cent to end to 21.12 cents a lb while March added 0.08 to 21.32 cents. Except for one contract, the rest ranged from flat to 0.07 cent higher.

Estimated final volume traded came to about 219 lots, against the prior count of 652 lots.—Reuters