09282016Wed
Last update: Wed, 28 Sep 2016 11pm

Middle East & Africa

Markets - Commodities - Middle East & Africa

Egypt will contract directly for rice if traders do not lower prices CAIRO: Egypt will look to make direct contracts with other countries to import rice should the prices offered by traders at tenders remain high, Minister of Supply Khaled Hanafi told Reuters on Wednesday. A rice tender was cancelled last week after the state buyer was unable to agree on prices with suppliers.Another tender was held on Tuesday and the results are expected on Thursday. Traders have said the government is insisting on prices which are not feasible.The North African country produced 3.75 million tonnes of rice in the 2015 season and carried over 700,000 tonnes from 2014. With consumption at 3.3 million tonnes, that leaves a surplus of more than 1 million tonnes.But the government's failure to stockpile rice earlier in the season has left it at the mercy of traders, some of whom have been unwilling to sell to the state and are choosing to stockpile as domestic prices ...

Markets - Commodities - Middle East & Africa

Egypt bans trading imported wheat inside country without permission CAIRO: Egypt has banned the trading of imported wheat inside the country as well as its delivery to local mills except with official permission granted by the government, Supply Minister Khaled Hanafi said in a statement on Wednesday. Record smuggling of imported wheat last year cost Egypt nearly 2 billion Egyptian pounds ($225 million), industry sources said.Copyright Reuters, 2016 ...

Markets - Commodities - Middle East & Africa

Egypt to buy 250,000 tonnes of sugar from local refiners ABU DHABI: Egypt's Ministry of Supply will buy 250,000 tonnes of sugar from local refiners to increase strategic reserves, it said on Wednesday.The sugar will be bought at 4,050 Egyptian pounds ($456.09) a tonne, the ministry said in a statement.The decision followed a meeting between Minister of Supply Khaled Hanafi and seven sugar companies, including private suppliers.It said current reserves were enough to last for "months", but did not specify quantities.The purchase also aims to ...

Markets - Commodities - Middle East & Africa

Ivory Coast Oct-Feb cocoa product exports down 7pc ABIDJAN: Exports of semi-finished cocoa products from Ivory Coast dropped 7 percent to 179,998 tonnes from October to February compared with the same period a year earlier, provisional port data showed on Thursday. The cocoa season in the world's top producer runs from October to September. Ivory Coast has the capacity to process 706,000 tonnes of cocoa per year, which is up 50 percent since 2010, but in practice it only grinds 520,000 tonnes into ...

Markets - Commodities - Middle East & Africa

Ivory Coast Jan-Feb cotton exports up 15pc ABIDJAN: Cotton exports from Ivory Coast totaled 97,470 tonnes to the end of February, up more than 15 percent from the previous year, provisional port data showed on Thursday. Annual cotton output was around 400,000 tonnes before a 2002-2003 civil war plunged the country into nearly a decade of political turmoil. Attractive prices in recent years have drawn farmers back to the sector. The main port of Abidjan is also the primary point of export ...

Markets - Commodities - Middle East & Africa

Egypt's GASC receives wheat offers from six trading firms ABU DHABI/HAMBURG: Egypt's state grain buyer GASC again received offers from only six trading houses in its international wheat purchase tender on Thursday as uncertainty persists over new quality rules which have disrupted its wheat imports. GASC had also received offers from six trading companies in its previous March 16 tendering, which compares with the 15 or more offers it could normally expect to get. Egypt, the world's largest wheat importer, has seen its enormous ...

Markets - Commodities - Middle East & Africa

Morocco seeks 134,000 T of soft wheat in the local market RABAT: Morocco's state grains agency ONICL on Friday launched a tender to buy 134,000 tonnes of soft wheat from the local market. ONICL will open the bidding on Apr. 5. The soft wheat, which can be imported or from the local harvest, is destined to make subsidised flour, ONICL said. Copyright Reuters, 2016 ...