Commodity | - Part 2

Kuwait Seeks Energy Venture With Traders From Glencore to Vitol

LAGOS (Capital Markets in Africa) – OPEC member Kuwait plans to start trading energy and not just producing it, joining other Middle Eastern producers eager to claw back some of the profit traders like Vitol Group and Glencore Plc earn by buying and selling the region’s oil. State-run Kuwait Petroleum Corp. is in talks with both commodities dealers along with some international oil companies about forming a joint venture to trade refined products as early as next year, a…

Saudis Focus on Oil-Export Curbs as Libya, Nigeria Pump More

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LAGOS (Capital Markets in Africa) – Saudi Arabia promised deep cuts to crude exports next month, emphasizing its commitment to eliminating a global supply glut even as fellow OPEC members Libya and Nigeria were told they are free to keep increasing output. Shipments from the Organization of Petroleum Exporting Countries’ largest producer will be capped at 6.6 million barrels a day in August, 1 million lower than a year earlier, Saudi Arabia’s Energy and Industry Minister Khalid Al-Fali…

Best-Performing Metals as Hard to Trade as They Are to Find

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LAGOS (Capital Markets in Africa) – Even if you’d heard of this year’s best-performing metals, betting on them would probably have been a struggle. Ruthenium, iridium and the somewhat better known rhodium — used mostly in specialized products like hard disks, spark plugs and auto catalysts — have trounced almost all major commodities tracked by Bloomberg. Prices are up at least 33 percent this year as demand improved for raw materials that are among the world’s rarest and…

Traders Snap Up Assets of Nation Where Default Is New Normal

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LAGOS (Capital Markets in Africa) – For a country that has missed several debt payments this year, Mozambique’s assets are performing remarkably well. The southern African nation’s currency has posted the world’s biggest gain in 2017, while the price of its overseas bonds, which the government defaulted on in January, has soared about 30 percent, making them among the best-performing sovereign notes in emerging markets. The rally — after last year’s rout — suggests investors may be…

Iron Risks Plunge to $40s as Marex Sounds Second-Half Alarm

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LAGOS (Capital Markets in Africa) – Iron ore prices that have steadied in recent weeks after a spectacular two-month rout may be set for another steep leg down in the second half, according to Marex Spectron, which forecasts that the commodity is at risk of sinking into the $40s as mine supply expands. “What we’re seeing six months from now are weaker demand and higher supply,” Georgi Slavov, head of research at the commodity broker, said in an…

Côte d’Ivoire and Ghana Resilient to Credit Pressure from 10-yr low in Cocoa Prices

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LONDON (Capital Markets in Africa) – While cocoa prices at 10-year lows will put pressure on the economies and fiscal position of leading producers Côte d’Ivoire and Ghana, both will be able to withstand short-term price fluctuations, Moody’s Investors Service said in a report today. Current average cocoa prices reflect a drop of around 30% compared to mid-2016. The report, “Sovereigns — Africa: Côte d’Ivoire and Ghana Resilient to Credit Pressures from Fall in Cocoa…

IEA says record OPEC cut compliance helps oil market rebalance

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LAGOS (Capital Markets in Africa) – Global oil output plunged in January as OPEC and non-OPEC producers curbed supply to accelerate a market rebalancing following one of the largest oil gluts in a generation, the International Energy Agency said on Friday. Oil supplies fell by around 1.5 million barrels per day last month, including by 1 million bpd for OPEC, leading to record initial compliance of 90 percent with a six-month output-cut deal reached in December…

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