Latest news with #Jamalal-Ghurair
Zawya
11-02-2025
- Business
- Zawya
Arabica coffee turns lower after hitting record high
Arabica coffee futures turned lower on Tuesday after earlier hitting a new record high while cocoa and sugar prices rose. COFFEE * Arabica coffee fell 0.85% to $4.1750 per lb by 1128 GMT after hitting a record high of $4.2995 in early trading. * Dealers said the recent surge in prices had led to a reduction in liquidity with the market set to remain choppy. * An expected drop in Brazil's arabica coffee crop this year following hot and dry weather in 2024 has helped to tighten global supplies. * Broker Hedgepoint on Monday cut its forecast for Brazil's 2025/26 arabica crop to 41.1 million bags from a previous projection of 42.6 million. * Robusta coffee fell 0.3% to $5,680 a metric ton. COCOA * New York cocoa futures rose 0.85% to $9.962 a ton. * Dealers said the market was supported by concerns about dry weather in top grower Ivory Coast. * A lack of rain in most of Ivory Coast's cocoa-growing regions could delay the start of the April-to-September mid-crop, potentially leading to a shortage of beans, the main ingredient in chocolate, farmers said on Monday. * London cocoa was up 0.2% at 7,821 pounds per ton. SUGAR * Raw sugar futures were up 1.1% at 19.72 cents per lb. * Dubai's Al Khaleej Sugar is operating at 70% capacity as sugar refineries in the Middle East struggle with overcapacity, the company's managing director, Jamal al-Ghurair, said on Tuesday during the Dubai Sugar Conference. * White sugar rose 0.5% to $522.20 a ton. (Reporting by Nigel Hunt; Editing by Eileen Soreng)
Zawya
11-02-2025
- Business
- Zawya
Al Khaleej Sugar says operating at 70% capacity
DUBAI - Dubai's Al Khaleej Sugar is operating at 70% capacity and the Middle East has a 60% overcapacity, the company's managing director, Jamal al-Ghurair, said on Tuesday during the Dubai Sugar Conference. He added that there were no plans yet to export sugar to Syria, after the war-ravaged country saw a new administration take over following the ouster of President Bashar al-Assad on December 8. Al Khaleej Sugar operates the world's largest port-based refinery of the sweetener. (Reporting by Mohamed Ezz and Maha El Dahan, Editing by Louise Heavens)
