Wednesday, August 16, 2017 10:46AM/FDC
Bonny light slipped 0.93% to $50.26pb following a slowdown in Chinese refining volume. The oil markets are still essentially oversupplied due to aggressive US shale production.
The good news is that the price of old yam has declined by 6.6% to N1,400.00 per tuber and a 50kg bag of rice is down 8.1% to N17,000.00.
The attached slides are a synopsis of domestic and global commodity market activities this week.
1. Brent Crude Now Trading Above July 2017 Average
2. Domestic Commodity Prices Remain Static In Spite of MPC Hold Decision
3. Price of Rice Still High at N18,500 per bag
4. Threat To Agric Policy Emerge as AFEX Warehouse in Kaduna Invaded by The Police (1)
5. Staple Food Prices Remain High Due to Shortages Arising From Heavy Rains
6. Domestic Commodities Remained Relatively Flat During The Break
7. Commodity Prices Maintain Upward Trajectory as Forcados Terminal is Set to Resume Operations
8. Some Prices Are Increasing When Headline Inflation is Declining
9. Domestic Commodity Prices Remain Sticky Downwards as Crop Diseases Keep Prices Elevated
10. Price of a Bag of Rice Declined by 14%
11. Commodity Prices Maintained Upward Trajectory
12. Recent Spike in Commodity Prices Confounded Analysts
13. Retail Prices Remained Stubbornly Static as Naira Strengthened at the New Forex Window
14. Commodity Retailers Leave Retail Prices Unchanged
15. Oil Prices Took a Hit as Naira Converged Below N400 to a Dollar