Egypt's General Authority For Supply Commodities (GASC) put up for auction 12,000 tons of Russian wheat and made 18 purchase contracts on the first trading day on the Egyptian commodity exchange, the Egyptian Ministry of Supply and Internal Trading said on Monday
CAIRO (Pakistan Point News / Sputnik - 28th November, 2022) Egypt's General Authority For Supply Commodities (GASC) put up for auction 12,000 tons of Russian wheat and made 18 purchase contracts on the first trading day on the Egyptian commodity exchange, the Egyptian Ministry of Supply and Internal Trading said on Monday.
The Egyptian commodity exchange opened on November 27. Its director, Ibrahim Ashmawy, told local media that the exchange would start its operations with Russian wheat trading.
"GASC offered for sale 12,000 tons of imported Russian wheat at the mercantile exchange for 9,750 Egyptian Pounds ($400) per ton. Eighteen purchase contracts were made," the ministry said in a press release.
According to the ministry, a total of 28 bids for purchasing almost 20,000 tons of wheat were received, which is 65% more than the batch put up for sale. The next trading session is scheduled for Wednesday.
