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Wednesday, March 03, 2021 / 8:35AM /
FDC / Header Image Credit: FDC
Brent fell by 4.54% to $63.03pb after a rally in the
last few days. Traders are concerned about possible output increases by OPEC+
or rogue members. The meeting of Thursday will most likely leave output
unchanged. The decline in Brent should help assuage fears of a rumored N200 per
liter PMS price potential if the surge in crude prices continues.
Nigeria's main cocoa crop has received a major boost
from a prolonged harvest in Ondo state (Nigeria's largest producer) as the
harvest season winds down. Extra rainfall in January and February, mild
harmattan and no incidents of bush fires in the state helped to extend the
harvest of the main crop. This is likely to add to Nigeria's estimated annual
cocoa production of 280,000mt and boost export earnings. This is coming at a
time when alleged food blockades in some northern states have triggered
artificial scarcity and a temporary surge in some commodity prices.
The slides below give a snapshot of the discussion in the
commodities segment of the Business Morning programme on Channels TV by the FDC
Think Tank.
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