News International Sugar Journal

Hint of Egyptian purchasing sends raw sugar to fresh 30-year high [Registered]

ICE front-month raw sugar futures escalated to a fresh peak of 33.39¢ a pound in early trade on 11 November on news of possible imminent purchasing by Egypt. One European broker said: “The hot news is a report from Egypt that it could be looking to buy raw sugar. There may also be some investors forced to cover short positions.” Egypt’s state-owned Sugar and Integrated Industries Company (SIIC) will contract within days to import 500,000 tonnes of raw sugar, a newspaper said on 11 November. The broker said such Egyptian demand had not been expected by the market and would…

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