MINSK, 27 October (BelTA) - Belarusian Universal Commodity Exchange registered a major deal to sell more than 1,000 tonnes of rapeseed oil worth $1.5 million. The buyer was a company from Latvia, spokesman for Belarusian Universal Commodity Exchange (BUCE) Roman Yaniv told BelTA.
Since the beginning of the year, sales of Belarusian rapeseed oil through BUCE have increased by 2.3 times, reaching $55 million. "Rapeseed oil prices have been rising in the face of a shortage of raw materials on the back of a poor rapeseed harvest in Canada, one of the world's largest exporters of this crop. A similar trend is observed in the Belarusian exchange market. For example, export quotations for the first-grade unrefined rapeseed oil rose almost 1.5 times over January. At the last trading session one tonne sold for already €1,262. Most likely, the upward price trend will remain in place, which will have a positive impact on the revenue of Belarusian producers," Roman Yaniv said. He noted that record high prices do not scare off foreign traders, who continue to increase the volume of purchases.
"In physical terms, rapeseed oil exports have almost doubled. Major buyers are residents of Latvia, Lithuania and Switzerland. They accounted for more than half of all transactions. This year also marked the launch of deliveries of domestic rapeseed oil to Poland and China. For Belarusian exporters, these are very promising markets, as evidenced by the dynamics of exchange sales," the press service said.
Founded in 2004, the Belarusian Universal Commodity Exchange conducted its first trading session in June 2005. BUCE is one of the largest commodity exchanges in Eastern Europe. Its main function is to assist Belarusian enterprises with export and foreign companies with entering the Belarusian market. BUCE sells a wide range of metal, forestry, and agricultural products, industrial and consumer goods.
