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... > All sugar traders, even speculators who had never dealt in sugar before, immediately rushed in like sharks smelling blood.

Soon, a wooden board about three people tall on the west side of the trading hall bore the first contract, hung by the exchange’s staff.

It was a cane sugar contract maturing in a month, quoted at 1 franc and 8 sous per pound.

According to the rules of the exchange, the “trading unit” for cane sugar was 10,000 pounds. This meant that the buyer could ...

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