According to reports by Paragon Global Markets, LLC. The London delivery was the largest to be delivered against the October contract since at least 2000. Wilmar took the entire delivery of 345,700 tons. However, the deliverers added up to 345,400, so there could have been a problem with 6 lots which will have to be resolved.
The deliverers were :
Sucden delivers 122,400 mt : 85,350 mt NE and 37,050 mt Kakinada
MAN delivers 128,000 mt : 100 k mt Kakinada and 28 k mt Suape
LDC delivers 70,000 mt: 30 k mt CS, 15k mt NE and 25k mt Kakinada
So, some 62,150 tons was Indian origin, the rest being Brazilian
In the last two contract expiries, it was witnessed that Wilmar delivered Indian sugar, and now they are taking. Commenting on whether this indicates that Indian sugar will become scarce, even though a new export season will supposedly be open; Micheal McDougall, Managing Director at Paragon Global Markets said, “The price level of $351 per ton could be obtainable for perhaps old crop low quality whites, but not new crop, especially if the Government raises its price on retail sugar as is desired (by the mills) We still don’t know how they are going to resolve the subsidy, given they still have not paid most of last year’s.”
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