BAKU, Azerbaijan, May 15
By Ilkin Seyfaddini - Trend:
Since March 30, 2020 (the start of forward trades) to date, the Uzbek Republican Commodity Exchange (UZEX) has sold sugar under forward contracts for a total of 217.3 billion soum ($21.3 million), Trend reports with reference to UZEX.
The exchange traded 46,200 tons of sugar under forward contracts, of which almost 90 percent was sold. Following the trades, sugar was sold at the starting price of 5.2 million soums ($511) per ton, the message said.
Sugar producers Khorezm Shakar and Angren Shakar, as well as 21 buyers took part in the forward bidding as sellers. A significant part of the volume of sold sugar (61 percent) accounted for enterprises-buyers from Tashkent city and Tashkent region, 26 percent - from Kashkadarya region, and 10 percent - from Ferghana region.
As a result of traditional stock exchange trades held in the period under review, the average weighted price of sugar was 5.3 million soum ($520) per ton.
Forward trades are held at the Uzbek Republican Commodity and Raw Materials Exchange in accordance with the decree of the Cabinet of Ministers of Uzbekistan on additional measures to introduce advanced information technologies in the activities of commodity exchanges and the consistent development of electronic commerce.
A forward contract is a customizable derivative contract between two parties to buy or sell an asset at a specified price on a future date. Forward deals provide commodity producers with an opportunity to forecast correctly and plan their activities more efficiently.
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