Egypt waiting for better prices before buying
Published: 03/08/2010, 9:09:32 AM
Egypt wants to see a further fall in global sugar prices before resuming its raw sugar purchases, according to Reuters.
An official at the state-owned Sugar and Integrated Industries Company (SIIC) did not say at what price he would issue a new tender but he was speaking after New York's May raw sugar futures vaulted higher on Friday to settle at 22.19 cents per lb.
High prices prompted SIIC to cancel its latest tender to buy 50,000 metric tonnes of raw sugar in end-January.
"There is no certain time on when to restart the purchases," the official added.
Egypt said on January 6 it would import 1 million tonnes of raw sugar to meet demand in the second half of 2010 and to meet its reserve quota for the beginning of 2011.