NEW YORK : Most of the record physical delivery of sugar by commodities traders at the expiration of the October futures contract at the Intercontinental Exchange (ICE) last week will head to China, according to two traders with knowledge of the deals. Wilmar International - the Singapore-based food trade
FILE PHOTO: Ships and warehouses containing grains and sugar are seen at TIPLAM from VLI Multimodal S.A. at Santos port, in Santos, Brazil May 25, 2023. REUTERS/Amanda Perobelli/File PhotoNEW YORK : Most of the record physical delivery of sugar by commodities traders at the expiration of the October futures contract at the Intercontinental Exchange last week will head to China, according to two traders with knowledge of the deals.
All of the 2.87 million tonnes of sugar is of Brazilian origin, to be loaded from Brazilian ports between early October to Dec. 15. The size of the delivery is enough to fill around 45 Panamax-size vessels."And China bought around 1.2 to 1.5 million tonnes.""They sold it cheaper to have a large book," he said, indicating the Singapore-based trader will make a profit due to the very large volume.
"With current interest rates, carrying sugar nowadays costs a lot of money," the second trader said, referring to the costs of storage and hedging.It will be a challenging logistic operation for Wilmar and the delivering parties, the traders said, as the rainy season is starting in the South American country and that can delay loading.
Philippines Latest News, Philippines Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Noma’s former chefs are cooking at Raffles Singapore in October and NovemberBen Ing used to helm Noma Copenhagen while Jose Luis Hinostroza was an R&D chef. They will be spearheading the latest edition of the Chef World Tour series at Raffles Singapore’s Bar & Billiard Room.
Read more »
Two prime location projects in Kallang, Tanglin Halt launched in October BTO exerciseTighter rules for non-selection of flats will also kick in from the October launch.
Read more »
2 prime location projects in Kallang, Tanglin Halt among 6,800 units launched in October BTO exerciseSINGAPORE — Two prime location projects located in Kallang and Tanglin Halt were launched in the October Build-to-Order (BTO) exercise.
Read more »
October 2023 HDB BTO launch review: Ultimate guide to choosing the best unitFor those who've been used to the timely launches, it might seem a little strange (or surprising) to see an October BTO launch. This time, HDB has launched 6,800 BTO flats across four key areas: Choa Chu Kang, Kallang/Whampoa, Queenstown, and Tengah. The best part? About 75 per cent of these homes are expected to be ready in four years...
Read more »
Interest rates and returns for Singapore Savings Bonds (SSB) in October 2023With the increased attention towards personal assets, people are looking to strengthen their portfolios by investing in low-risk bonds. Learn more about Singapore Savings Bond (SSB), a bond with a steady rise in interest rates with no capital loss! The Singapore Savings Bond (SSB) is a bond fully backed by the Singapore Government. No capital loss will be incurred and...
Read more »
Daily Markets Briefing: STI down 0.51%; FLCT is top stockThe Straits Times Index dipped by 0.51%, closing at 3,192.35 at 5:28 p.m. on 3 October, Tuesday.
Read more »