Sugar Prices Bearish on Weak Global Demand for Cane Sugar

Proshare

Wednesday, March 03, 2021 / 8:35AM / FDC / Header Image Credit: FDC 


Proshare Nigeria Pvt. Ltd.


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.


Proshare Nigeria Pvt. Ltd.


Proshare Nigeria Pvt. Ltd.


Related News

1.       Agri-Specialist Describes the CBN's Restructuring of NCX As Counter-Productive

2.      AFEX Export Index Experience Positive Performance as @ 260221

3.      NCM 2020: Energy Commodities Took a Big Hit in 2020

4.      Strong Chinese Demand for Cocoa Powder to Push Prices Up

5.      Commodity Prices to Remain Elevated as Transport Fares Set to Rise Further

6.      ASHON Outlines Steps To Stimulate The Growth Of Commodities Exchanges' In Nigeria

7.      Platinum Soars to Six-year High, Outshines Palladium and Gold

8.     AFEX Commodities Index Recorded a Positive Weekly Performance as @120221

9.      Nigeria Must Lay Emphasis on Structures to Achieve a Vibrant Commodities Market

10.  AFEX Indices Outperforms other Markets in the Nigerian Capital Markets

 

 Proshare Nigeria Pvt. Ltd.

Proshare Nigeria Pvt. Ltd.

READ MORE:
Related News
SCROLL TO TOP