* Juice moves up on buying by small speculators
* Premium buying seen early in hurricane season
NEW YORK, June 5 (Reuters) - Orange juice futures settled higher Tuesday on speculative buying as some investors were apparently building a premium with the annual Atlantic hurricane season in its first week, brokers said.
Benchmark July frozen concentrated orange juice added 3.30 cents, or 3 percent, to finish at $1.148 per lb after trading from $1.108 to $1.165.
Volume on Tuesday was slightly over 1,900 lots, about a third below the 30-day moving average, Thomson Reuters data showed.
"I think we're starting to build a little bit of a premium," said Sterling Smith, vice president of commodity research for Citibank's Institutional Client Group in Chicago.
He added the ability of juice futures to hold support initially at $1 and then $1.10 gave the market a base to build on and move higher as a result.
The spark for the premium buying was caused in part by the early start to the storm season, which officially began on June 1 and ends Nov. 30.
Tropical storms Alberto and Beryl formed days before the start of the season last week. In fact, Alberto was the earliest storm to form in the Atlantic since 2003.
Fundamentally, the outlook for the market is bearish. Supplies are plentiful while retail demand is weak. Supplies from top producer Brazil were also ample.
Open interest, an indicator of investor interest, stood at 26,893 lots as of June 1, the highest such level since Jan. 23, ICE Futures U.S. data showed. Hurricane season Take A Look (Reporting by Rene Pastor; Editing by John Picinich)