TCP buys about 50,000 tonnes of white sugar in tender

HAMBURG: Pakistan's state trading agency TCP is believed to have purchased some 50,000 tonnes of white sugar in an international tender which closed on Tuesday, European traders said on Saturday.

It was purchased at an estimated $447 a tonne c&f, they said. Seller was believed to be trading house Gemini. Gemini had offered the lowest price in the tender on Tuesday.

Pakistan had on Friday asked other participants in the tender to match the lowest price. The Pakistan government in July 2020 approved sugar imports to meet a shortage and cool prices after production fell below consumption levels.