Sugar Prices Up by 0.09% To $0.1054 Per Pound

Proshare

Friday, August 3, 2017 /3:15PM / FDC

October Brent futures rose to $73.46pb despite an increase in US stockpiles. However, commodity prices in Nigeria have remained relatively flat this week. Meanwhile, the naira slid back to N360/$ after a brief appreciation during the week.

The Purchasing Managers Index (PMI), a barometer of manufacturing activity shrank by 1.81% to 48.9points in July. According to FBNQuest, this was due to high interest expense and destocking of inventory by manufacturers. Also driving this trend is lower unemployment and weak consumer demand.

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