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Sucden Buys 70,000 tonnes of sugar for sale to Pakistan, India, Seller Says
Sakthi Sugars Ltd., an Indian mill, sold 70,000 metric tons of white sugar to Sucden for exports to Pakistan and will ship more as output rebounds in the world’s second-biggest grower, Managing Director M. Manickam said.
Paris-based Sucden agreed to supply state-run Trading Corp. of Pakistan
at $724.95 a ton, Chairman Sheikh Anjum Bashir said Aug. 2. The sugar
will be supplied over the next three months, Manickam said in a
telephone interview from Coimbatore, where the miller is based.
Sakthi has sought government approval to ship an additional 164,000 tons
against a so-called advance permit, Manickam said. The government has
set a deadline of March 31 for mills to meet an undertaking to export
967,000 tons against previous imports. Shipments can only be made after
obtaining release orders from the government, the trade ministry said in
May last year.
“There’s a good opportunity to export,” Manickam said. “We remain
hopeful that the permission will be issued soon.”
Pakistan, reeling from the deadliest floods in its history, plans to
complete purchases of 1.2 million tons of sugar to tide over shortages
and control prices. The country may buy raw sugar by December to “avoid
the high costs of white sugar imports,” Akram Burq, spokesman at the
industries ministry, said yesterday.
Refined-sugar futures for October delivery rose 0.2 percent to $551.20 a
ton on the Liffe exchange in London yesterday. The price jumped 25
percent in July, the most since June 1989, amid signs of rising demand
from Asian countries.
India will allow companies to export as much as 200,000 tons of imported
sugar lying at ports, Farm Minister Sharad Pawar said last week. The
nation last sold sugar in the 2008- 2009 season and has been regulating
exports since Jan. 1, 2009.
Production may be 25.5 million tons in the season starting Oct. 1, up 57
percent from this year, according to the Indian Sugar Mills
Association. Imports may be 5.3 million tons this season after a drought
in 2009 ravaged crops, the group said.
Source: Bloomberg
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