Wilmar International Ltd and Alvean are the buyers of about 1.2 million tonnes, or 23,706 lots, of raw sugar from Brazil and Argentina against the ICE July contract that expired on Thursday, according to exchange data and traders.
The delivery, worth more than $500 million, was the largest against a July contract on ICE Futures U.S. in seven years, according to ICE data. The buyers were J.P. Morgan Securities LLC and SG Americas Securities LLC, according to the exchange data published on Friday, said by traders to be acting on behalf of trade houses Alvean and Wilmar. A spokeswoman for Alvean, the joint venture owned by Cargill Inc and Copersucar SA, confirmed the purchase of about 197,000 tonnes of the delivery, which was reported by Reuters on Thursday. Wilmar took the bulk of the large delivery, its sixth straight purchase through the exchange. Wilmar and SG Americas did not respond immediately to requests for comment.