Expanding Chinese commodities trader receives ICE sugar for first time

By Reuters10 days ago

By Marcelo Teixeira

NEW YORK, May 4 (Reuters) - Honors Commodity, a Singapore-based food and energy trader controlled by a Chinese regional government, was the new player who appeared as a receiver of sugar delivered at the expiration of the May contract on ICE exchange, according to brokers on Tuesday.

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Honors will receive 1,200 lots of raw sugar, or around 61,000 tonnes, to be loaded in Brazil, a small part of the total delivery of 11.351 lots, or 576,660 tonnes, reported by the exchange on Monday.

Most traders were unable to identify the Chinese company as the other company receiving sugar against the May contract on Friday, when preliminary information became available. Commodities giant Louis Dreyfus took delivery of all the rest, or 10,151 lots.

Honors Commodity is backed by the government of Hangzhou, the capital of the Chinese province of Zhejiang.

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