October white sugar futures closed $16.50 lower at $483.70 per tonne. While December futures declined $15.80 to $473.00 per tonne.
Reports indicated that Intercontinental Exchange (ICE) the new owner of the London white sugar futures contract may offer container delivery which would be more in line with a growing trend in the industry. The white sugar futures contract currently only accepts deliveries in bulk vessels, This is seen by some as unrepresentative of the market given current growth in container trade which is for many becoming the preferred method of transport in the physical sugar market.
Also on the cards is a possible launch of a new refined sugar contract for ICUMSA 150 which is a lower grade of refined sugar compared with ICUMSA 45 and would better reflect sugar delivered originating in Brazil, India, Thailand and Palistan.