06012016Wed
Last update: Wed, 01 Jun 2016 08am

Middle East & Africa

Markets - Commodities - Middle East & Africa

Egypt's GASC targeting 4-4.5mn T of local wheat buying in 2016 CAIRO: Egypt's state grain buyer, the General Authority for Supply Commodities (GASC) aims to purchase 4-4.5 million tonnes of domestic wheat this year, GASC Vice Chairman Mamdouh Abdel Fattah told Reuters on Monday. Egypt, the world's largest wheat importer, annually fixes a local procurement price for Egyptian wheat that is above global prices in an attempt to encourage farmers to grow the crop. Last year the high local price, over $150 above the global spot price for wheat at the time, led the government to procure 5.3 million tonnes of domestic grain, a jump from the 3.7 million the year before. But those in the wheat industry have said that as much as 2 million tonnes of that may have actually been purchased from abroad and passed off as domestic by intermediaries looking to cash in on the high price the government pays for its crop. Egypt begins its harvest ...

Markets - Commodities - Middle East & Africa

Gold output helps boost Ivory Coast mining sector in 2015 ABIDJAN: Turnover in Ivory Coast's mining sector jumped 24 percent last year, boosted by a rise in gold production even as output of other metals languished because of low commodity prices, a government spokesman said on Wednesday.Turnover hit 479 billion CFA francs ($802.09 million) in 2015, up from 385 billion CFA in 2014, while gold production rose to 23.5 million tonnes, up from 20 tonnes in 2014, government spokesman Bruno Nabagne Kone said after a ...

Markets - Commodities - Middle East & Africa

Algeria to start 300,000 tonne sugar refinery in weeks ALGIERS: A new sugar refinery in Algeria with a capacity of 300,000 tonnes per year will start production "within weeks", an industry ministry official told Reuters on Wednesday, as the country looks to cut imports because of the oil price drop.The refinery, which is owned by a private Algerian investor and is near the western city of Oran, will later double output to 600,000 tonnes a year, the official said. Its sugar will serve the ...

Markets - Commodities - Middle East & Africa

South Africa importing Argentine, Ukrainian yellow maize, orders Mexican white JOHANNESBURG/HAMBURG: South Africa, which needs to import millions of tonnes of maize this year because of drought, will source hundreds of thousands of tonnes of white maize in the coming months from Mexico, likely beginning in May, local and foreign traders said. White maize is the staple source of calories for most South African households but shortages are looming, driving up domestic food prices and inflation. Africa's most advanced economy is also set to receive ...

Markets - Commodities - Middle East & Africa

South Africa gold firms get lift from weak rand, but risks lurk JOHANNESBURG: A sinking rand has sparked a buying spree and rerating of South African gold mining shares which have doubled in value in 2016, but the volatile currency is a double-edged sword that could cut the gains back down to size.The crumbling currency is the main driver behind the rally. It has shed 15 percent against the dollar since October and its decline has coincided with a spike in spot gold, pushing the rand/bullion price ...

Markets - Commodities - Middle East & Africa

Ivory Coast 2015 coffee beans exports down 10pc ABIDJAN: Ivory Coast 2015 coffee beans exports stood at 63,106 tonnes, down about 10 percent from 70,161 tonnes the previous year, port data showed on Wednesday. About 56,079 tonnes of coffee beans were shipped in 2015 from the port of Abidjan, compared with 59,509 tonnes the previous year, while exports were at 7,027 tonnes from the port of San Pedro compared with 10,652 tonnes the previous year. Copyright Reuters, 2016 ...

Markets - Commodities - Middle East & Africa

Egypt's GASC says seeks soyoil, sunflower oil in tender ABU DHABI: Egypt's state buyer GASC said on Wednesday it was seeking unspecified quantities of soyoil and sunflower oil in a tender. The oils will be for shipment April 1-15 and the deadline for bids is March 8, Mamdouh Abdel Fattah, vice chairman, told Reuters. Copyright Reuters, 2016 ...