Commodity Outlook

Oil Climbs to Highest Since November as European Shares Retreat

LAGOS, Nigeria, Capital Markets in Africa: Brent crude rose to a six-month high, leading a rebound in commodities and boosting the ruble and mining companies, as supply disruptions in Nigeria added to production woes. Oil extended last week’s gains as Goldman Sachs Group Inc. increased its price forecast, saying the market had moved into a supply deficit earlier than expected. Precious metals rallied with aluminium and commodity producers climbed, while almost all of the other industry groups in the Stoxx Europe 600…

World Bank Revises Down Forecasts for Oil Prices, Key Commodities in 2015 and 2016

Posted on by The Editorial Team

Lagos, Nigeria, Capital Markets in Africa — In its latest commodity update, the World Bank is lowering its 2015 forecast for crude oil prices from $57 per barrel in its July report to $52 per barrel. The revised forecast reflects a further slowing in global economic performance, high current oil inventories, and expectations that Iranian oil exports will rise after the lifting of international sanctions, according to the Bank’s new Commodity Markets Outlook, a quarterly update on the state of the international commodity markets. The…

Copper Mine Suspensions Threaten Zambia’s Growth and Fiscal Position

Posted on by The Editorial Team

Lusaka, Zambia, Capital Markets in Africa — Glencore International AG (Baa2 negative) recently announced that it would suspend operations at its Mopani Copper Mine in Zambia (B1 negative) for 18 months. Glencore’s suspension follows a recent decision by China’s Luanshya Copper Mines plc to interrupt operations at its Baluba mine in Zambia. Reduced copper production is credit negative for Zambia because it will depress growth, export proceeds and royalties, further pressuring the sovereign’s increasingly precarious fiscal…

Commodity Prices Expected to Remain Weak in 2015 – World bank Forecast

Posted on by The Editorial Team

WASHINGTON, USA (Capital Markets in Africa) –The World Bank is nudging up its 2015 forecast for crude oil prices from $53 in April to $57 per barrel after oil prices rose 17 percent in the Apr-Jun quarter, according to the Bank’s latest Commodity Markets Outlook, a quarterly update on the state of the international commodity markets. The Bank reports that energy prices rose 12 percent in the quarter, with the surge in oil offset by declines…

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