Oct NY world sugar #11 (SBV23) on Friday closed -0.46 (-1.72%), and Dec London white sugar #5 (SWZ23) closed -10.70 (-1.49%). Sugar prices experienced a moderate decline, with London sugar hitting a four-week low.
On Friday, Oct’23 expired at 26.27 with the Oct’23/March’24 spread valued at -0.21 points discount.
As per the preliminary information, a record amount of sugar has been delivered on the expiry of the October contract on ICE exchange, estimated at 56,470 lots or around 2.87 million metric tonnes. Full details to be published by the exchange on Monday.
As per Reuters, Chinese commodities trader COFCO International emerged as largest deliverer of the sugar with 22,588 lots, or around 1.15 million tons, followed by Louis Dreyfus Co. with 14,398 lots, around 732,000 tons.
Wilmar was seen as the largest receiver by far with 54,311 lots, or around 2.76 million tons.
Over the past month, sugar prices have risen sharply, with NY sugar posting a 12-year nearest-futures high last Tuesday and London sugar posting a 12-year high September 14, on concern about smaller global sugar production.
