LONDON, May 10: Pakistan and Bangladesh are in the market to buy physical refined sugar, while trade in raws appears slack this week with Russian demand subdued due to poor import margins and ample stocks, traders said on Wednesday.

“There are buyers around for Indian (white) sugar — Pakistan and Bangladesh,” one trader said.

“Elsewhere, demand is weak because of high prices.”

Raw and refined sugar futures prices have soared to near all-time highs, largely driven by speculative investment funds betting on big returns across the commodities complex.

Pakistan will remain an active sugar buyer on the world market, despite worries over sharply rising world prices, as it aims to build up stocks to keep local prices stable, a government minister said this week.

Jahangir Tareen, Minister for Industries and Production, said the government had decided to continue sugar purchases through the Trading Corporation of Pakistan (TCP) until the end of 2006.—Reuters