ICE October raw sugar delivery seen at 1.52 million tons
The news is about global sugar markets, specifically the ice exchange deliveries of raw sugar. Key details: 1.52 million tons delivered, fourth-largest october expiry, major players louis dreyfus and cofco international.
Deliveries of raw sugar upon the expiration of the October contract on the ICE Exchange reached 30,032 lots, approximately 1.52 million metric tons, according to preliminary data from two sugar traders on Tuesday, the day the contract expired, reported Reuters.
If confirmed, this would mark the fourth-largest volume delivered during an October contract expiration. Louis Dreyfus, a commodities trader, was reported as the largest deliverer with 10,321 lots, while COFCO International, a Chinese trader, was noted as the largest receiver with 13,977 contracts.
Official data on the delivery is expected to be released by ICE on Wednesday. Large deliveries are typically seen as bearish signals by traders and analysts, as they may suggest that physical commodity traders were unable to secure more favorable deals for the sugar outside the exchange.
However, some market participants had anticipated an even greater volume, surpassing last year’s October total of 33,506 lots, which leaves the market’s reaction for Wednesday’s trading session uncertain.
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Source : Chinimandi
