(Includes delivery details, comments from brokers)
NEW YORK, June 30 (Reuters) - The deliveries against the expiration of the ICE July raw sugar contract reached 4,993 lots, the equivalent to 253,658 tonnes, sharply lower than the record volume seen for the May expiration, three brokers told Reuters on Tuesday.
Brazilian sugar and ethanol company Raizen was seen as the largest deliverer with a total of 3,865 contracts, or around 197,000 tonnes. Czarnikow was said to be the top receiver of the sugar with 2,362 contracts.
Traders and analysts were already expecting a much smaller delivery against the July expiration, saying the white premium over raw sugar, an indicator of demand and refining profitability, had been falling recently.
There was also worries about the handling capacity at some sugar terminals in Brazil, which were stressed by the giant May delivery that reached 2.26 million tonnes, all of it Brazilian sugar.
“After the backlog created by the May record delivery, everyone wanted to avoid working under the exchange delivery template and decided for individual contracts,” said one of the brokers.
Besides Raizen, which is a joint venture between Brazil’s Cosan SA and Royal Dutch Shell Plc, French sugar trader Sucden was seen as delivering 1,128 contracts.
Among receivers, brokers also cited commodities trader Louis Dreyfus with 1,700 contracts and Asian trader Wilmar International with 931 contracts.
Reporting by Marcelo Teixeira; Editing by Cynthia Osterman
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