Sugar prices at 6-year high due to Egypt

Published Mar 22, 2023

Tridge summary

Egypt has imposed a restriction on the export of all types of sugar, except surplus, for the next three months, affecting approximately 250 thousand tons of sugar trade. This decision, coinciding with Ramadan, a period of increased sugar consumption, is expected to help reduce local prices. With around three months worth of sugar stocks and contributions from local beet sugar production, Egypt's Minister of Internal Trade and Procurement, Ali El-Moselhy, is optimistic about maintaining local supply. The restriction has led to a surge in sugar futures in London, reaching their highest level in over six years.

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

Original content

With the decision taken in Egypt, the export of all kinds of sugar, except the surplus, was restricted for three months. Although Egypt is a relatively small exporter in sugar trade, the restriction decision is expected to affect approximately 250 thousand tons of sugar trade. After the decision was taken, white sugar futures rose as much as 2.2 percent in London, while raw sugar also gained in value. Thus, sugar futures soared to their highest level in more than six years. Covrig Analytics Principal Analyst Claudiu Covrig said that Egypt's decision coincided with Ramadan, a period of increased sugar consumption, and they expect the restrictions to help lower local prices. Ali El-Moselhy, Egypt's Minister of Internal Trade and Procurement, stated that Egypt's current sugar stocks are at a level that will ...

Source: Haber7