Sugar to begin trading on commodities exchange on Thursday



Wed, 16 Aug 2023 - 01:33 GMT


Wed, 16 Aug 2023 - 01:33 GMT

Sugar will soon be traded on the Egyptian commodities exchange as it invites businesses to register for trading, Reuters reported. The platform currently offers yellow corn and wheat.

Trading on sugar is expected to begin on Thursday, Reuters cited Ibrahim Ashmawy, the head of the exchange as saying. He noted that the decision aligns with a governmental directive aimed at “regulating the markets of strategic and basic commodities.”

The price of sugar in Egypt climbed by around 26 percent within a month, reaching EGP 24,000 per ton compared to its initial value of EGP 19,000 in early July, Hassan Al-Fendi, who heads the Sugar Division at the Federation of Egyptian Industries (FEI), told Asharq Business on July 31st.

Officials have previously stated that the country has strategic reserves of sugar sufficient to meet consumption needs until the spring of 2024.

The Egyptian Sugar and Integrated Industries Company (ESIIC) recently concluded an international tender acquiring approximately 50,000 metric tons of raw sugar by August 5th.



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