Commodities volatile on European air crisis

 LONDON: The commodity markets were roiled this week as severe disruption to global air travel impacted supply and demand for raw materials such as oil and metals, analysts said. A volcanic eruption in Iceland spewed ash across Europe, forcing airplanes from the skies for safety reasons, with the industry badly hit and only getting back on its feet by Friday.

Pakistan cancels sugar contract with UAE firm

ISLAMABAD: Pakistan cancelled a 50,000-tonne white sugar contract with Sadan General Trading on Wednesday after the company failed to make a delivery on time, a government trade agency official said.

“We have cancelled the contract awarded to Sadan in February for 50,000 tonnes,” Anjum Bashir, chairman of the Trading Corporation of Pakistan (TCP), which issued the tender, told Reuters.

Row over duty on sugar imports to hit consumers

KARACHI: Consumers are set to suffer by paying high price for sugar despite fall in sweetener’s rate in the international market due to conflicting interest in sugar trade. The sugar dealers and importers said that the government indecisiveness encouraged the sugar lobby to turn the situation to its advantage.

The on-going row between sugar industry and private importers over the regulatory duty (RD) on import of sugar may end up benefiting one side but it would be the ordinary consumer, who would suffer if the government fails to act decisively on time, dealers said.

Sugar hits record high on S Asia demand expectations

Thursday, December 03, 2009
LONDON: London (Liffe) benchmark white sugar futures on Wednesday touched a record high of $629 per tonne, up over 1.5 per cent, driven by expectations of strong cash demand from South Asia for refined sugar.

“The engine in the sugar market is end-user demand, particularly for whites,” said Nick Hungate, a soft commodities trader with Rabobank.