Raw sugar deliveries for the October contract on the ICE (Intercontinental Exchange) were estimated at around 30,032 lots, equivalent to approximately 1.52 million metric tons, according to preliminary data shared by two sugar traders on Tuesday, September 30. The contract expired on the same day. If confirmed, this would mark the fourth-largest delivery volume for an October contract in ICE’s history, highlighting significant activity in the physical sugar market. Global commodity trading giant Louis Dreyfus was reported to be the leading deliverer, responsible for 10,321 lots, while Cofco International, China’s state-owned agriculture and trading firm, emerged as the largest receiver, taking in 13,977 contracts. ICE is expected to release official delivery figures on Wednesday, October 1.Large physical deliveries on ICE contracts are often interpreted by market participants as a bearish indicator, suggesting that sellers were unable to find more favorable prices or buyers outside the exchange. Despite the sizeable volume, some traders had anticipated even higher figures, potentially exceeding last year’s October deliveries of 33,506 lots. The October raw sugar contract ended its final trading session on a positive note, rising 0.5% to 16.10 cents per pound on Tuesday. This marked the fourth consecutive day of gains, though analysts said the market’s direction on Wednesday would depend heavily on how participants interpret the delivery size and its implications for supply-demand dynamics.
