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Cotton May 22 (CTK22.NYB)

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  • Pakistan lifts ban on cotton, sugar imports from arch-rival India as prices rise
    Reuters

    Pakistan lifts ban on cotton, sugar imports from arch-rival India as prices rise

    Pakistan lifted a nearly two-year ban on sugar and cotton imports from arch-rival India on Wednesday, the finance minister said, a step towards reviving suspended trade between the two nuclear-armed neighbours. Pakistan's Economic Coordination Council (ECC), a top decision-making body, allowed the private sector to import 0.5 million tonnes of white sugar as Islamabad tries to keep soaring domestic prices in check. Pakistan Finance Minister Hammad Azhar announced the decision after the ECC concluded, confirming what sources had said earlier, adding it will also import cotton and cotton yarns from India.

  • Grain trading giant Louis-Dreyfus sells stake to Abu Dhabi
    The Telegraph

    Grain trading giant Louis-Dreyfus sells stake to Abu Dhabi

    One of the world’s leading commodity traders, Louis-Dreyfus Company (LDC), has opened up to outside ownership for the first time in almost 170 years. The trader has sold a 45pc stake to ADQ, the Abu Dhabi state-owned holding company and also agreed a long-term supply agreement for the UAE. Owner Margarita Louis-Dreyfus, who also chairs LDC’s supervisory board, said the partnership marked a “milestone" in the firm's strategy. She has been seeking new investment after tightening her control in December 2018 when she bought out family members, borrowing about $1bn (£755m) from Credit Suisse to do so, pledged against her stake. Micheal Gelchie, LDC chief executive, said the firm and ADQ had a “shared ambition” to invest in innovation and technology that could “transform food and agricultural production”. LDC is one of the ABCD quartet of leading commodity traders, alongside Archer Daniels Midland, Bunge and Cargill. Founded as a grain trader in 1851 by Leopold Louis-Dreyfus, it produces, stores and ships about 80m tonnes of cotton, rice, sugar, grain and other agricultural products a year, with 2019 sales of $33.6bn and profit of $230m. Leopold’s great grandson, Robert Louis-Dreyfus, took over in 2006, three years before his death from leukaemia, when he put his wife Margarita in charge of the trust that held his 61pc stake. Commodities traders have been trying to diversify in recent years amid rising competition and trade wars. LDC has invested in partnerships with Leong Hup International, the poultry business based in Malaysia, and Luckin Coffee, the Chinese coffee chain. The terms of its deal with ADQ were not disclosed. LDC said at least $800m from the sale would be invested to support its long-term plans. H.E. Mohamed Hassan Alsuwaidi, chief executive of ADQ, said: "We share LDC’s vision for future growth of the business, and look forward to partnering with LDC’s existing shareholders and management team to capitalize on the sector’s emerging opportunities."

  • WTI and Copper Bought, Gold sold as Risk on Reigns
    FX Empire

    WTI and Copper Bought, Gold sold as Risk on Reigns

    The Commitments of Traders report covering positions held and changes made by money managers in the week to June 2 found that speculators only made relatively small changes. Buying of WTI crude oil, gas oil, copper and cotton were off-set by selling of gold, soymeal, corn and coffee.