• Raw sugar futures on ICE surged in heavy volume on Tuesday, after index fund buying triggered a tsunami of buy-stops, causing prices to spike 4 percent in less than 10 seconds.
• The price of raw sugar futures surged from 14.46 cents a lb to 15.06 cents a lb within 10 seconds at 8:49 a.m. (1349 GMT), triggering an automatic interval price limit circuit breaker. The circuit breaker imposed a 30-second curb prohibiting any trade outside of a 60-point price band in order to prevent unwarranted price moves.
• Mar raw sugar contract settled up 0.61 cent, or 4.3 percent, at 14.87 cents a lb, soaring above Monday's three-month low at 14.07 cents in the strongest daily surge since September.
• The surge attracted heavy volume in the spot contract, with 30 percent of the spot contract's volume trading in the volatile 30 minutes that followed.
• Traders said the spike was largely the result of buy-stop orders in place around 14.50 cents a lb, rather than a "fat finger" execution error.
• March white sugar closed up $12.40, or 3.3 percent, at $392.90 per tonne.
• Raw sugar futures on ICE surged in heavy volume on Tuesday, after index fund buying triggered a tsunami of buy-stops, causing prices to spike 4 percent in less than 10 seconds.
• The price of raw sugar futures surged from 14.46 cents a lb to 15.06 cents a lb within 10 seconds at 8:49 a.m. (1349 GMT), triggering an automatic interval price limit circuit breaker. The circuit breaker imposed a 30-second curb prohibiting any trade outside of a 60-point price band in order to prevent unwarranted price moves.
• Mar raw sugar contract settled up 0.61 cent, or 4.3 percent, at 14.87 cents a lb, soaring above Monday's three-month low at 14.07 cents in the strongest daily surge since September.
• The surge attracted heavy volume in the spot contract, with 30 percent of the spot contract's volume trading in the volatile 30 minutes that followed.
• Traders said the spike was largely the result of buy-stop orders in place around 14.50 cents a lb, rather than a "fat finger" execution error.
• March white sugar closed up $12.40, or 3.3 percent, at $392.90 per tonne.
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