Friday 15th September 2017 9.00AM/ FDC
A bumper cocoa crop in Ivory Coast has depressed the world price of cocoa ($1,990.00/mt). Nigerian farmers and export revenues will be negatively impacted.
The good news is that Nigeria's total exports increased by 37.3% in Q2'2017 to $8.3bn (annualised $33.2bn). The higher price of oil, now trading above $55pb, has more than compensated for any cocoa shortfalls.
The attached bulletin summarises these and other events that took place in the domestic and global commodity markets this week.
1. Oil Price Up to $54.16pb Due to Lower OPEC Production
2. BUA Group Additional Investment Likely to Drive Cement Price Downwards
3. Commodities Market Exports – Brent Crude Traded Bullish in the 2nd Half of August
4. Intermittent Power Supply In Nigeria Has Become An Intractable Problem
5. Nigeria’s Dependence on Imported Sugar will Reduce as Dangote’s $450mn Initiative Takes off
6. Domestic Commodity Prices Remained Flat Despite August Break, Harvest Season & Improved Logistics
7. US Shale Production to Climb to 6.14mbpd