Thursday, 19 Apr 2018

Chamber of Food Industries expects a decline in sugar prices in the local market

Hassan al-Fandi, a member of the sugar division of the Chamber of Food Industries of the Federation of Industries, predicted that the prices of sugar in the local market will decline, affected by the decline in sugar prices globally, in addition to the abundance of sugar stocks in addition to the harvest season of sugar beet. Al-Fendi said in a statement to the Middle East News Agency that sugar is a basic international commodity traded on the stock exchange, like wheat and rice, and its low prices and high prices are linked to several factors, the most important of which are the supply and demand mechanisms, the availability of the commodity by the producer countries such as India and China, Sugar supplier in the world. He pointed out that these are considered the main factors that play a big role in determining prices, denying the ability of any country or the body to determine or impose prices globally, noting that the volume of domestic consumption is estimated at 3 million tons and is produced 2 million tons, and compensate the difference through the import from abroad Raw or non-refined sugar. The report issued by the Chamber of Food Industries Federation of Egyptian industries, he stressed that the global prices of raw sugar will see a decline in prices during May to record 283.07 dollars per ton. He pointed out that the global prices of raw sugar recorded a decline during the month of February, where it recorded 295.41 dollars per ton, in addition to it also witnessed a decline in January 2018 to record 308.20 dollars per ton.

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