Sugar Plummets Most Since 2015 on Possible `Fat Finger' Trade
(Bloomberg) -- Raw-sugar futures tumbled the most in almost two years as a rapid descent during morning trading rattled traders and sparked a rebound in volatility.
Just before 10 a.m. New York time, futures collapsed by about 4 percent within one minute before quickly recovering. The plunge spurred the biggest intraday drop for prices since November 2015.
The steep decline “was possibly a big sales order or even a mistake that came from an electronic order, known as a ‘fat finger,'" Bruno Zaneti, a senior sugar analyst at INTL FCStone in Campinas, Sao Paulo, said in a telephone interview.
On ICE Futures U.S., raw sugar for October delivery settled 3.2 percent lower at 14.31 cents a pound on Thursday. The drop erased this week's gains for prices.
To contact the reporter on this story: Fabiana Batista in Sao Paulo at fbatista6@bloomberg.net.
To contact the editors responsible for this story: Simon Casey at scasey4@bloomberg.net, Millie Munshi, Joe Richter
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