NY sugar hits 29-year high in post-Christmas rally

NEW YORK Dec 28 (Reuters) - Raw sugar futures surged to their highest price in almost 29 years on light investment fund buying spurred by tight supplies, analysts said.

The benchmark March raw sugar contract SBH0 jumped to a new lifetime peak at 27.30 cents per lb, its loftiest level since February 1981, and was trading at 27.20 cents at 7:37 a.m. EST (1237 GMT). The market reopened for business at 7:30 a.m. following the Christmas break. (Reporting by Rene Pastor; Editing by John Picinich) (rene.pastor@thomsonreuters.com; +1 646 223 6047; Reuters Messaging: rene.pastor.reuters.com@reuters.net)