05262016Thu
Last update: Thu, 26 May 2016 11pm

Middle East & Africa

Markets - Commodities - Middle East & Africa

Africa gold producers wary despite price rebound DAKAR: A steep rise in gold prices may have given hope to a battered mining industry in 2016, but after four tough years producers in Africa are still too wary to call the bad times over. Gold prices surged 15 percent in the first three months of 2016, the biggest quarterly rise in nearly 30 years, boosting miners' share prices, attracting new investment and promising to bolster the economies of gold-rich countries. Experts say the rebound could spur development of major unexploited deposits after low prices since 2012 crippled exploration and made countless projects unprofitable. Still, Africa-focused gold producers are not quite ready to make investment decisions because of a brief price rise. Prices have often spiked in recent years only to quickly retreat - indeed, the recent rally has stalled in the last few weeks after the very strong start to the year. Prices aside, some industry experts say ...

Markets - Commodities - Middle East & Africa

Ivory Coast mid-crop cocoa harvest hit by poor weather ABIDJAN: Purchases of cocoa in Ivory Coast's mid-crop season that starts in April have ground to a halt because of a lack of rain and harsh winds that have also hit quality, farmers and buyers said. Forecasts for the April-October mid crop say it could drop to between 380,000 and 390,000 tonnes, a 24 percent fall from 502,000 tonnes in the same harvest last year, according to several trading houses and cocoa producers. The West ...

Markets - Commodities - Middle East & Africa

Moroccan wheat trade seeks longer import window after drought RABAT: Millers and wheat importers in Morocco have asked the government to extend a current import window and to allow an earlier start to next season's imports as drought threatens to slash the local harvest, trade sources said. Moroccan wheat trade federation FNCL has proposed to the authorities that the import campaign close at the end of May instead of April 30 and for next season's import window to be opened in August, the sources ...

Markets - Commodities - Middle East & Africa

Syria tenders to buy 2,500 tonne corn and 2,500 tonne soymeal HAMBURG: A Syrian state grains agency has issued an international tender to purchase and import 2,500 tonnes of yellow corn and 2,500 tonnes of soymeal, European traders said on Wednesday. The tender from the General Foreign Trade Organization (GFTO) closes on April 25, traders said.The animal feed grade corn and soymeal should arrive three months after the opening of a letter of credit on the purchase, they said.Copyright Reuters, 2016 ...

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 ...

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 ...