With the rise in global sugar prices, a ton reaches 531 dollars

Published 2022년 5월 7일

Tridge summary

Egypt has seen a surge in white sugar prices, reaching $531.30 per ton, a rise of 1.72%, largely due to the Russian-Ukrainian conflict, inflation, and the Federal Reserve's decision to increase interest rates. The Ministry of Supply and Internal Trade is working towards local self-sufficiency in sugar to protect the local market from global price fluctuations. Delta Sugar Operations is ensuring consistent production and is receiving beet crops from farmers, with nearly 1.1 million tons of beets and 144,000 tons of white sugar produced so far this year. The company is also producing molasses and beet pulp, and is committed to the health and safety of its workers.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

White sugar prices continued to rise, and trading on this strategic commodity closed at $531.30 per ton, an increase of 1.72%. The strategic commodity markets are witnessing a state of tension and confusion due to the Russian-Ukrainian crisis, and the increase in inflation, in addition to the impact of the Federal Reserve’s decisions to raise the interest rate. The Ministry of Supply and Internal Trade continues to produce white sugar locally, aiming to achieve 100% self-sufficiency, and then the local market will not be affected by the global increase, especially since the gap between local production and consumption has been reduced. While it ranges in the free market between 12 to 15 pounds per kilo, due to the increase in local production and the achievement of self-sufficiency by 90%. The Minister of Supply directed sugar beet companies to continue receiving the beet crop from farmers until the end of the harvest season and paying their dues as soon as possible, and the ...

Source: Akhbarelyom