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July 2 (Reuters) - Alvean, the joint venture of global commodities trader Cargill Inc and Brazilian sugar cooperative Copersucar, is the sole buyer of the smallest physical delivery against an ICE raw sugar futures contract in four years.
The sugar to be delivered against the July contract on ICE Futures U.S. totaled 6,519 lots, or about 331,000 tonnes, and was due from Brazil, Mexico and Costa Rica, ICE Futures U.S. data showed on Monday.
An Alvean spokesman confirmed the purchase, which is worth $86.6 million based on Friday’s closing price of 11.86 cents per lb. He declined to comment further.
The delivery was in line with a Reuters report on Friday of about 331,000 tonnes, citing traders. That represents the smallest physical delivery against a contract since July 2014, according to exchange data compiled by Reuters.
The July contract finished at a discount of 0.39 cent per lb against the most-active October contract on Friday.
October futures were down more than 5 percent by 10:35 a.m. ET (1435 GMT) on Monday. (Reporting by Chris Prentice in New York Editing by Jeffrey Benkoe, Chizu Nomiyama and Jonathan Oatis)