Little-Known Chinese Trader Buys New York Sugar in Surprise Move
- Honors Commodity bought 61,000 tons via the New York exchange
- This is the first time trader took part in exchange deliveries
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A little-known Chinese trader bought a cargo of raw sugar through the New York exchange for the first time, a move that surprised the industry dominated by a few large players.
Honors Commodity Singapore Pte. Ltd. took delivery of about 61,000 metric tons of raw sugar to settle the expiration of futures contracts on ICE Futures U.S., according to people familiar with the matter, who asked not to be named because the information is private. This is the first time that the trader, backed by the local government of China’s Hangzhou city, tapped the exchange to obtain physical supplies of sugar.