Commodity |

What to Watch in Commodities: OPEC+, Nickel, Crops, Lithium, ECB

LAGOS (Capital Markets in Africa) – Commodities investors are in line for a comprehensive update on the state of energy, metal and agricultural markets this week. Leading the charge, the World Energy Council kicks off Monday in Abu Dhabi, with ministers and executives attending, while OPEC+ officials meet on the sidelines later in the week. Those events will carry extra significance following the installation of Prince Abdulaziz bin Salman as Saudi Arabia’s new energy minister. There’s a triple hit…

Metals Power Higher as Sickly Dollar Spurs Copper-to-Gold Rally

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LAGOS (Capital Markets in Africa) – Copper jumped by the most in two months and zinc hit a fresh decade-high as base metals rallied on a potent combination of a softer dollar, dwindling inventories and continued robust outlook for demand. Palladium rallied to a new record as all precious metals climbed. Copper surged as much as 2.1 percent, the most since Nov. 13, to $7,262 a metric ton on the London Metal Exchange. All metals climbed as the Bloomberg…

Zinc, Copper Outlook Key When Glencore Speaks to Investors

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LAGOS (Capital Markets in Africa) The commodities world will be scrutinizing Glencore Plc’s annual investor day on Tuesday for clues on when the top metals trader will restart shuttered zinc and copper production, as well as its plans to expand in agriculture. Here’s a few things to look out for: Zinc Zinc has rallied 86 percent since Glencore curtailed output at some mines two years ago to revive languishing prices. With the metal now near the highest…

Iron Ore Imports Collapse as China’s Great Cleanup Kicks In

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LAGOS (Capital Markets in Africa) – Iron ore imports by China slumped last month to the lowest in more than a year, sinking from a record of above 100 million tons, as mills prepared for unprecedented state-ordered curbs on steel output over winter. Purchases dropped to 79.49 million tons in October, according to customs data on Wednesday. That’s down from September’s 102.8 million tons, and is the lowest amount since February 2016. Over the first 10 months,…

Commodity prices likely to rise further in 2018: World Bank

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LAGOS (Capital Markets in Africa) – Oil prices are forecast to rise to $56 a barrel in 2018 from $53 this year as a result of steadily growing demand, agreed production cuts among oil exporters and stabilizing U.S. shale oil production, while the surge in metals prices is expected to level off next year, the World Bank said on Thursday. Prices for energy commodities – which include oil, natural gas, and coal — are forecast…

Nickel Next for Electric Car Boom as Trafigura Turns Bullish

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LAGOS (Capital Markets in Africa) – Glencore Plc and Trafigura Group Pte are often at loggerheads, but one thing they agree on: the nickel market will be transformed by the rise of electric cars. Nickel sulphate, a key ingredient in lithium-ion batteries, will see demand increase 50 percent to 3 million metric tons by 2030, Saad Rahim, chief economist at Trafigura, said in an interview. While other battery metals like cobalt and lithium have more than…

Copper Trumps Politics as Investors Take Shine to Zambian Assets

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LUSAKA (Capital Markets in Africa) Investors are overlooking Zambia’s political risk and buying the nation’s assets as the price of copper, its biggest export, rises. The yield on Zambia’s $1 billion Eurobonds due April 2024 have fallen 135 basis points this year to 7.55 percent on Wednesday. The southern African nation’s currency has appreciated 12 percent against the dollar in 2017, making the kwacha the continent’s best performer after Mozambique’s metical. Copper prices are at…

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