LONDON: ICE raw sugar hit a one-week low on Wednesday as tightness in the refined white sugar market continued to ease, while concerns escalated in wider markets about a second wave of coronavirus infections.
July raw sugar was down 0.08 cents, or 0.7%, at 11.71 cents per lb at 1607 GMT, having hit a low of 11.65 cents.
August white sugar fell $7.10, or 2%, to $355.50 a tonne.
The premium for August whites versus October has narrowed to about $2 a tonne from $28 in late May, indicating easing supply tightness.
The whites refining premium has, meanwhile, fallen below $100 a tonne from more than $130 in late May.
"The fundamentals on both the supply and demand sides are getting weaker. The closure of bars and restaurants and the cancellation of events will lead to a drop in sugar consumption this season - a first in 40 years," said consultants Agritel.
"This will inflate a surplus already envisaged for 2020-21 due to strong production increases in Brazil and India."
Sugar production in Brazil's centre-south region has reached 10.57 million tonnes in the 2020-21 season so far, up 57% year on year, industry group Unica said.
September London cocoa was down 6 pounds, or 0.4%, at 1,702 pounds a tonne, heading back towards a one-year low of 1,660 pounds on Monday on worries over weakening demand and improved supply prospects.
September New York cocoa fell $7, or 0.3%, to $2,300 a tonne.
September arabica coffee edged up 0.1 cents, or 0.1%, to 98.25 cents per lb, having hit a nine-month low of 94.55 cents last week.
September robusta coffee fell $6, or 0.5%, to $1,179 a tonne.
Pakistan
Punjab presents demands for grants worth Rs 1800 billion in PA
HASSAN ABBAS
LAHORE: The Punjab government on Wednesday presented demands of grants of worth over Rs 1800 billion in the Punjab Assembly for approval for the financial year 2020-21.
The session started one hour late under the chair of speaker Punjab Assembly Chaudhry Pervez Elahi. The opposition submitted 11 cut motions in the House out of which six were included in the agenda for discussion. The oppositions cut motions which were included in the agenda; were on Police, official trade of sugar, debt for municipalities, services and health. The opposition members took part in the open discussion on agriculture and education.
The House gave approval on the demands on grants on agriculture and food after discussion.
While expressing his views on demand on grants on agriculture and food PML-N MPA Bilal Yaseen said that government should sit with the Pakistan Sugar Mills Association and solve the issue of sugar price. He said former chief minister Shahbaz Sharif talked with the sugar mills association during his tenure when ever some issue arises and provide relief to the people. He questioned why the government gave concessions to Humayun Akhtar Khan and Jahangir Tareen.
Bilal said that during the tenure of PML-N wheat was easily available at Rs 1300 per maund and sugar was available at Rs 52 per kg. He said wheat was not available for the people but government gave 7 lac ton wheat to poultry feed. He also said 20 kg flour bag which was available between Rs 700 to Rs 800 was available at 1100.
He said Punjab which not only feed the people of the province but full fill the needs of Afghanistan.
He criticized Prime Minister Imran Khan for making tall claims of bringing change in the country. He said instead of taking resignation from the Minister for not bringing the reforms Prime Minister Imran Khan should resign on its failure.
Parliamentary leader of PPP in Punjab assembly Syed Hassan Murtaza said that government sent PTI central leader Jahangir Tareen abroad who was a main character in sugar scandal. He predicted that price of wheat will reach Rs 3000 per maund. Murtaza said that present government failed to provide relief to farmers who worked day and night. He also said that instead of increasing the salaries of government employees he increased his own salary. He further said why National Accountability Bureau only calls Asif Ali Zardari, Nawaz Sharif and Shahbaz Sharif.
While expressing their views on the debate on agriculture PML-N MPAs Chaudhry Iqbal, Safdar Shakir, Bilawal Akbar Khan, Naveed Khan Lodhi said that government miserably failed to provide relief to the farmers in their two years tenure. They said that farmers were not getting good quality seeds. They said we had to build small dams to solve the issue of availability of water for agriculture. Government should release funds on district level for agriculture.
Senior & Food Minister Punjab Abdul Aleem Khan in a detailed statement on the policy of Food Department in the Punjab Assembly said that for the first time in history, farmers in Punjab got more than Rs 1400 per mound of wheat while the Government has historical reserves of 43.2 million metric tons of wheat. He added that after ample procurement of wheat, now all our focus is on keeping the price of flour in the market to a minimum which In Sha Allah will be in practical in the next one week by releasing wheat to flour mills.
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