January 8, 2019 / 10:43 PM / a year ago

Olam International to shut sugar trade desk -spokeswoman

NEW YORK, Jan 8 (Reuters) - Singapore-based agricultural commodities trading firm Olam International Ltd will shut its sugar trade desk, a spokeswoman Nikki Barber told Reuters on Tuesday, another sign of pressure on trading houses.

The decision comes after raw and white sugar futures on ICE finished 2018 at their lowest levels since 2008, as a global supply glut led to a second consecutive annual decline.

“It’s not really a shocking statement, only because we know the margins are terrible in sugar,” one U.S. trader said.

The shuttering was earlier reported by Bloomberg. (Reporting by Ayenat Mersie and Renita Young in New York; Editing by Lisa Shumaker)

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