WORLD SUGAR FUTURES RALLY LATE, SETTLE HIGHER
World sugar futures settled higher,
strengthening late on shortcovering and technically-based
buying, analysts said.
    The rally gained momentum "when traders realized they could
get a key reversal," a commission house analyst said. But the
market showed signs of continued resistance near 7.0 cents
basis May, he noted.
    May delivery exceeded yesterday's low and yesterday's high
before settling at 6.94 cents a lb, up 0.15 cent.
    Values tumbled this morning when computer fund selling
triggered sell-stops at 6.60 cents and under. But contracts
recouped most of those losses by midsession on trade buying,
brokers said.
    Estimated volume was 20,339 lots.
 Reuter
