(Reuters) - Glencore (GLEN.L) will move its global sugar trading desk to Rotterdam from London early in 2018, an industry source said on Monday.
The relocation, first reported by Bloomberg, coincides with the retirement of Glencore’s long-standing Global Head of Sugar Michael Rembaum and follows the company’s decision last year to spin off its agriculture business and sell nearly 50 percent to Canadian pension funds.
Sugar traders said that Glencore was primarily involved in proprietary trading in sugar futures and could seek to minimise activities in areas where margins have been poor, such as physical trading of raw sugar.
Glencore’s share price was up 2.6 percent by 1355 GMT.
Reporting by Barbara Lewis and Nigel Hunt; Editing by David Goodman