Higher Cocoa Production From Ivory Coast and Ghana Likely To Weigh On The Market

Proshare

Friday, August 31, 2018 10:09 PM / FDC

The price of Brent oil has increased 2.7% to $77.28pb, underpinned by supply disruptions in Iran and Venezuela. This is 8% above the 2018 average ($71pb) and is dollar accretive to Nigeria.

 

President Buhari has withheld his assent to the Petroleum Industry Governance Bill (PIGB). The 10-year delay in enacting the legislation has led to chronic underinvestment in the petroleum sector. The sharp fall in the petroleum sector’s Q2 GDP growth to -3.95% from 14.77% in the previous quarter is evidence of the need to expedite sector reform.

 

The attached slides summarize the events that took place in the domestic and global commodity markets this week.  

Proshare Nigeria Pvt. Ltd.


Proshare Nigeria Pvt. Ltd.

 

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1.    Nigeria is World Largest Producer of Cocoyam With An Output of 3.2mn Tonnes

2.   Tomatoes Witnessed High Price Volatility in Recent Times

3.    Sugar Prices Rose 0.87% to $0.1043 per Pound as Brazil Dumps Sugar Production for Soy

4.    Wheat Fell By 0.77% to $5.82 per Bushel Due To Concerns of Weak Global Demand

5.    Sugar Prices Up by 0.09% To $0.1054 Per Pound

6.    Cocoa Prices Declined By 0.13% to $2,254 per MT despite Poor Weather in Ivory Coast

7.    Cocoa Prices Declined By 0.78% to $2,304 per MT on Forecasts of Weak Indonesian Output

 

 

 

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