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Phoenix Commodities, a rice trading and distribution group, was placed into liquidation with debts above $400 million after currency derivative trading losses in February and March. A liquidators' document shows it had been valued at $1.1bn to $1.24bn as recently as January.
The collapse was driven by margin calls it could not meet.
The firm's collapse is a financial event with limited direct impact on rice supply or prices. It may tighten trade credit for rice traders in the Gulf region.
thenationalnews.comMichael FahyMay 13, 2020Not enough comparable past events yet for a historical read.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
