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SaltWire's Atlantic regional weather forecast for October 5, 2023 | SaltWireNEW 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.
France Dernières Nouvelles, France Actualités
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