Sugar futures rose to the highest level in more than 6 years on concerns that Egypt’s export restrictions will tighten global supplies.
With the decision taken in Egypt, exports of all kinds of sugar, except surplus, were restricted for three months.
After the decision, white sugar futures rose as much as 2.2 percent in London, while raw sugar also gained value. Thus, sugar futures rose to their highest level in more than six years.
Egypt’s Minister of Domestic Trade and Supply Ali El-Moselhy said that Egypt’s current sugar stocks are sufficient for three months, adding that local beet sugar production will help replenish stocks.
Egypt is expected to export 200,000 tons of refined sugar in the 2022-23 season, which started in October, according to a February forecast by the International Sugar Organization.
Import/Export Statistics
Please click to reach our marketplace
The following reports may be of interest to you:
Related posts:
India Physically Ships Out 3.775 Million Tonnes of Sugar
Sugar Prices Could Rise Again in Europe
Global Sugar Prices Surge to Near 6-Year High on Output Fears
India to Decide Higher Sugar Export Quota in Feb After Assessing Supplies
India Resumes Sugar Exports, Allows 6 Million Tonnes Till May 2023
Sugar Stable and Positive in Global Market
World Sugar Production to Rise After Three Years of Decline
Global Situation Reflects a Shortage of Sugar