TCP says to make no purchase in 100,000 tonnes of sugar tender

HAMBURG: State trading agency the Trading Corporation of Pakistan (TCP) is believed to have rejected all offers and made no purchase in an international tender for 100,000 tonnes of sugar this week, European traders said on Wednesday.

Price offers had been submitted on October 6 but the TCP had requested that offers remain valid until Tuesday, October 14. The TCP can negotiate for several days in tenders before deciding whether to purchase. Pakistan’s government has approved plans to import 500,000 tons of sugar to help to maintain price stability after retail sugar prices in the country rose sharply.