Raw sugar prices closed easier Tuesday on mild speculative profit-taking and trade sales, but a rally that has hoisted the sweetener to a 10-1/2 year high is seen boosting values in the days ahead, brokers said.
The New York Board of Trade's benchmark March raw sugar contract fell 0.15 cent to finish at 13.81 cents a lb, dealing from 13.63 to 13.90 cents.
Monday, the contract settled at 13.96 cents in the highest finish sugar on the spot weekly charts since it traded over 14 cents in 1995. The price of sugar has almost tripled since it traded under 5.00 cents in the first part of 1999.
The second position May sugar contract shed 0.08 to 13.87 cents. The rest eased 0.06 to 0.09 cent.