NEW YORK — A powerful six-week rally in the sugar market stalled on Tuesday, but traders said strong demand could send prices higher again. Other commodities mostly fell.
A day after hitting a 29-year high of 30.10 cents per pound, sugar for March delivery fell to settle at 29.30 cents a pound.
Sugar prices have soared 32 percent since early December.
Fresh orders for sugar have been coming in from several developing countries including Indonesia and Pakistan, said Tom Mikulski, a market strategist at Lind-Waldock.
The 30 cents per pound price for sugar is a "major psychological level," Mikulski said. If it closes above that barrier, Mikulski said, "who knows where it can go." Mikulski predicts a conservative estimate would be between 32 and 35 cents a pound.
March cocoa fell $43 to $3,363 a ton.
Gold for April delivery rose modestly, gaining $2.70 to settle at $1,099.50 an ounce, while March silver fell 28.5 cents to $16.86 an ounce. Copper for March delivery fell 5.35 cents to settle at $3.3395.
Benchmark crude for March delivery fell 55 cents to $74.71 a barrel. In February contracts, heating oil lost 1.5 cents to $1.9508 a gallon, while gasoline dropped 3.34 cents to $1.9674 a gallon. February natural gas futures fell 23.7 cents to$5.485 per 1,000 cubic feet.
Wheat for March delivery dropped 4.25 cents to $4.94 a bushel; corn fell 5.5 cents to $3.6225 a bushel. Soybeans rose 7 cents to $9.475 a bushel.
