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Wilmar International seen sole buyer of ICE raw sugar contract : traders

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Wilmar International has bought about 460,900 tonnes of raw sugar against the July contract on ICE Futures US that expired on Tuesday, US traders said.

[NEW YORK] Wilmar International has bought about 460,900 tonnes of raw sugar against the July contract on ICE Futures US that expired on Tuesday, US traders said.

The 9,073 lots of sugar expected against the July contract would be worth US$125 million, based on its closing price.

The July ICE raw sugar contract saw a wild day of trade ahead of its expiry, soaring 3.9 per cent to settle at 12.28 cents a lb as traders raced to cover short positions.

The delivery was significant as Wilmar booked a record delivery against the contract just two months ago, when the May ICE contract.

REUTERS

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