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The expiry of the ICE December white sugar contract saw the largest delivery in more than nine years with 535,850 tonnes tendered, exchange data showed on Wednesday. The bulk of the sugar, 404,250 tonnes, was tendered with a load port of Jebel Ali in the United Arab Emirates.
Other load ports were Bejaia, Algeria (37,800 tonnes), Kakinada, India (25,000), Paranagua, Brazil (23,800), Puerto Quetzal, Guatemala (21,000), Suape, Brazil (14,000) and Acajutla, El Salvador (10,000). The receivers were ED&F Man Capital Markets Ltd (435,850 tonnes) and Sucden Financial Ltd (100,000). Some saw the large delivery as bearish as it could indicate the deliverers of the sugar were unable to find a better option than to tender against the futures market. The record delivery against the white sugar contract took place in 2007 when 810,800 tonnes were tendered against the May contract.

Copyright Reuters, 2016

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