LONDON Nov 22 Japanese conglomerate Toyota
Tsusho Corp (TTC) will launch a global sugar trading
operation within months, their director of sugar trading said on
Toyota is already a global metals trader but this marks its
first international trading venture in agricultural commodities
beyond trading activities focused on Japan's domestic market.
Richard O'Connor, previously at international trade house
Bunge, has hired 11 staff including physical and futures
traders and said the London-based team would begin trading early
in the new year.
Toyota already buys raw sugar for Japanese refiners but the
new desk would have an international focus, O'Connor said.
"Within two or three years we're aiming to trade 1 million
tonnes per annum on the physical market," said O'Connor, adding
that the company's capital backing would make it an attractive
trade partner from a risk perspective.
Expansion of the sugar operations by acquisitions is also a
possibility down the track, O'Connor said.
"Once we've started trading if we see opportunities to
invest anywhere, either at origination at destination, we'll
look at it."
(Reporting by Sarah McFarlane, editing by William Hardy)