Friday, September 08, 2017 9:00AM / FDC
Nigeria produces 31.25 million tonnes of cement annually. The news that BUA group is investing an additional $2bn to expand capacity is likely to drive the price of cement, currently N2,700 per bag, downwards.
In the global markets, oil prices climbed to $53pb due to the resumption of US refineries as Hurricane Harvey recovery commences. This development is good for external reserves accretion.
The attached slides sum up the events that took place in the domestic and global commodity markets this week.
1. Commodities Market Exports – Brent Crude Traded Bullish in the 2nd Half of August
2. Intermittent Power Supply In Nigeria Has Become An Intractable Problem
3. Nigeria’s Dependence on Imported Sugar will Reduce as Dangote’s $450mn Initiative Takes off
4. Domestic Commodity Prices Remained Flat Despite August Break, Harvest Season & Improved Logistics
5. US Shale Production to Climb to 6.14mbpd
6. Bonny Light Slipped to $50.26pb Following Slowdown in Chinese Refining
7. Brent Crude Now Trading Above July 2017 Average
8. Domestic Commodity Prices Remain Static In Spite of MPC Hold Decision
9. Price of Rice Still High at N18,500 per bag