Sugar prices are rising from the lowest level in 4 years due to Pakistan import plans

The future contracts for raw sugar on the New York Stock Exchange increased from its lowest level in four years, after Pakistan began implementing plans to import this commodity in an effort to calm high prices locally. The most active contract increased by 2.6% to 16.73 cents per pound. The Pakistani government wants to obtain the approval of the Council of Ministers to import 250 thousand tonnes of raw sugar, according to a statement issued by the office of the Deputy Prime Minister. Pakistan’s major exports during the current season 2024-2025, together with a disappointing harvest season, led to the pressure on local shares, which, according to Claudio Kovriig of the Covrig Analytics’ company, caused Claudio Kovriig of the Covrig Analytics company. The export of the country is estimated at 700 thousand tonnes, according to a report issued by the agricultural service abroad in the US Department of Agriculture. Also read: Sugar prices are likely to rise with an expected decline in India’s production. Any import operations will increase the demand at a time when prices have fallen due to the absence of buyers and surplus expectations. Nevertheless, Kovriig said: “Any decision must go through the cabinet procedures and the Economic Coordination Committee, so we will have to wait to find out what things are going to happen.”