US: Orange juice futures higher again
Key May frozen concentrated orange juice rose 2.60cents to end at $1.9035 per lb, dealing from $1.8775 and $1.937.On the week, the market is up 3.45 percent.
"We're seeing some spec short-covering, but its been of themodest variety," a dealer said. The juice market had staged an advance on investorshort-covering. It had also been supported by uncertainty overtests by the U.S. Food and Drug Administration given toBrazilian juice imports due to the use of a prohibited fungicideby Brazilian citrus growers.
Volume on Friday amounted to just under 1,000 lots, about athird above the prior session's tally of 659 loots, ThomsonReuters and exchange data showed. Open interest in the market, an indicator of investorexposure, stood at 22,085 lots as of March 1, ICE Futures U.S.data showed.
Source: www.reuters.com
