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Olam fined $4.2m for delay in reporting cotton sales
The Straits Times
|September 30, 2024
It affected key indicator of supply, demand, potentially impacting pricing: Commission
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Singapore-listed commodity trader Olam Group will pay a US$3.25 million (S$4.2 million) fine for delayed reporting of cotton sales - a move that could have impacted cotton prices - to the US Department of Agriculture (USDA) and the Commodity Futures Trading Commission (CFTC).
Olam delayed reporting five cotton sales to an Asian buyer in 2021, the CFTC said on Sept 27.
The sales, which were reported as long as five weeks late, amounted to more than 375,000 bales with a value of over US$190 million, according to the commission.
Companies like Olam report cotton sales to the USDA, which then releases weekly and monthly export reports that are often used as an indicator of cotton demand.
This story is from the September 30, 2024 edition of The Straits Times.
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