Selasa, Juni 28, 2005

Al Khaleej seeks Iraq deal

'They have not signed up yet,' Jamal, chairman of Dubai's Al Khaleej sugar refinery, the only sugar refinery in the UAE, said by telephone.

He said he believed Al Khaleej was one of four bidders in the tender. He gave no further details.

Iraq held the tender for the sugar around June 17-18, trade sources said.

Some traders said Iraq currently requires a big quantity of white sugar promptly after previous deals fell through.

They said they believed Iraqi authorities had not bought sugar for some months.

Jamal said availability of prompt white sugar was very limited, which explained the recent surge in white sugar futures.

'There is a huge tightness in the nearby,' he said.

'It is because people have delayed purchases.'

London front-month August white sugar futures traded just off a contract high of $278.0 per tonne on Friday morning, standing at $277.80 per tonne, up $3.8 or 1.39 per cent, in volume of 316 lots at 0904 GMT.(Source) Trade Arabia

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