Life of Being a Crown Prince in France

Chapter 779 - 779 687 Sugarcane Franc Goes Live

?Chapter 779: Chapter 687: Sugarcane Franc Goes Live Chapter 779: Chapter 687: Sugarcane Franc Goes Live 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 get 10,000 pounds of cane sugar spot within one month at a price of 180,000 francs.

Since the Dutch had created futures trading to sell tulips quite some time ago, followed by small-scale futures markets in England and Holland, people were very familiar with futures trading.

Consequently, all the merchants present immediately widened their eyes.

After the monetary reform in France, 1 franc was equal to 10 sous. Therefore, a price of 1 franc and 8 sous was almost a 30% increase over the current market price for cane sugar!

However, a middle-aged man with small eyes wearing a felt hat immediately walked to the trading counter, pointing at the contract priced at 1 franc and 8 sous, expressing in broken French that he wanted to buy it.

The crowd around him immediately let out a gasp, “This price is just kidding!”

“Has he gone mad? Sugar only rose by 40% in the last six months, does he think it will rise by 28% in just a month?!”

“Oh, this poor man, he will lose everything…”

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