#Africa #Markets | 9 Jan

By Rafiq Raji, PhD
Twitter: @DrRafiqRaji

Global Markets

  • Asian shares edge up, dollar steady
  • Nikkei probes highest levels since Nov 1991
  • US crude oil futures rise to highest since May 2015

Oil Markets

  • US oil prices hit highest since 2015
  • But doubts loom over rally
  • Brent, WTI have risen more than 10% since early Dec
  • OPEC-led output cuts, dip in US rig count support prices
  • Speculators have built up large long positions
  • After year of good profits, refined product margins have stalled

Precious metals

  • Gold prices dip on outlook for US rate hikes
  • Spot gold slipped to 0.3 pct to $1,317.06 an ounce (0110GMT)
  • US gold futures down 0.2 pct at $1,318.10 an ounce

Grains

  • Corn prices firm, move away from 3-week low
  • Most active CBOT corn futures up 0.1 pct at $3.47-3/4 a bushel (0206GMT)
  • Most active wheat futures down 0.2 pct at $4.26-3/4 a bushel
  • Most active soybean futures unchanged at $9.66-3/4 a bushel

Soft commodities (8 Jan)

  • Raw sugar slumps on speculative selling; coffee also drops
  • March raw sugar settled down 0.3 cent or 2 pct at 14.78 cents/lb in heavy volume
  • March arabica coffee settled down 3.3 cent or 2.6 pct at $1.2515 per lb after falling to $1.243
  • March robusta coffee settled down $38 or 2.2 pct at $1,686 per tonne
  • March London cocoa settled up £7 or 0.5 pct at £1,371 per tonne
  • March New York cocoa settled up $19 or 1 pct at $1,914 per tonne

Key African events or data releases today
[Posts & comments at my Twitter handle @DrRafiqRaji]

  • South Africa’s ruling ANC executives meet this week; would discuss Zuma exit
  • South Africa manufacturing PMI & business confidence data expected
Time Data/Event Period Previous
0900GMT South Africa ABSA Manufacturing PMI Dec-17 48.6
0930GMT South Africa SACCI Business Confidence Dec-17 95.1

Key African events or data releases yesterday
[Posted & commented on some headlines below at my Twitter handle @DrRafiqRaji]

  • Tunisian protester killed in clashes with police over price hikes, unemployment
  • Sudan protests to UN over Egypt hold on border territory
  • Death toll in South Africa listeria outbreak jumps to 61
  • Texas couple sentenced to jail for enslaving Nigerian woman
  • Nigeria’s Union Bank raises $163 mln via share sale to boost buffers
  • Sudanese students stone police on third day of bread price protests
  • Madagascar cyclone kills 29, displaces thousands
  • Three die in South Sudan in mystery outbreak – WHO
  • Sisi under spotlight as Egypt sets late March election date
  • Angola’s kwanza set for major fall as dollar peg ends
  • Zimbabwe opposition leader says time for “new hands” to lead
  • Nigeria restores supply of gas on pipeline affected by fire
  • Kenya says major wind power line 70 pct finished, to be complete by June
  • Gas plant in Libya’s Zueitina port to restart this week – NOC
  • Tanzania inflation fell to 4.0 pct y/y in Dec
  • Angola’s president says austerity key to economic recovery
  • 71 people die in week of violence in Nigeria’s Benue state
  • Angola’s president may change sovereign wealth fund leadership
  • New leader of South Africa’s ANC calls for unity as rift over Zuma widens
  • Angola LNG production setback prompts tender cancellation

N.B. Full stories of above headlines are available on Reuters

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