Банкеръ Weekly

Briefs

SUGAR TRADERS LEFT THE COMMODITY EXCHANGES

Sugar sellers have been withdrawing from trading on the three licensed commodity markets in the past two weeks. Experts from the Plovdiv exchange comment that when there are considerable amounts in the storehouses as well as a sufficient balance from the previous year the reaction should be just the opposite - there should be willingness to sell the commodity on the market. Obviously, this is not valid right now. An intervention seems necessary on the sugar market so that sugar price can be regulated to a border bearable to consumers. Even the meeting between sugar producers and the Prime Minister Sergey Stanishev did not make the situation clear. The retail price was set at BGN1.51 per kilogram and the wholesale one - at BGN1.30, but this does not necessarily mean that the commodity won't be offered at higher rates. Sugar from the State Reserve may even be sold if, of course, there are the necessary quantities at hand in its warehouses. Buy offers were already registered in Plovdiv at BGN1,000 per ton, but there were no respective supply offers. In Sofia, trading went to the opposite extreme - BGN1,500 per ton and again - no interest among the buyers.

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