Total value of sugar traded on Egypt Mercantile Exchange hits EGP 4.5 bln

The total value of all sugar traded on the Egyptian Mercantile Exchange (EMX) has recorded 4.5 billion Egyptian pounds ($145.6 million), said EMX chairman Ibrahim Ashmawi on Tuesday.

Speaking during a press conference in Cairo to highlight EMX’s results for the year ended December 31, 2023, Ashmawi further said the total amount of sugar traded on the EMX reached 183,000 tons through 891 transactions.

Egypt started trading sugar in the EMX on August 17, 2023.

209 companies have so far registered on the exchange in Cairo, he added.

The exchange, which began trading in November 2022, has wheat, sugar, and yellow corn among its list of traded commodities, and plans to add cotton, rice, propylene, gold, aluminium, and much more in the coming period.  It is designed to operate as a spot market with prices determined by supply and demand, operating on a closed bidding system, where bidders submit offers in a sealed envelope and the country’s state grains buyer GASC selects the best one.