#Africa #Markets | 25 Jan

By Rafiq Raji, PhD
Twitter: @DrRafiqRaji

 Global Markets

  • Asia shares near record peak but trade protectionist fears cast shadow
  • Ex-Japan Asia MSCI edges up, Nikkei down almost 0.8 pct
  • Mnuchin says weaker dollar good for US trade
  • Ross hints at action against China

Oil Markets

  • Oil hits highest since late 2014 on US crude inv. drop, weaker dollar
  • Oil prices buoyed by US dollar at 3-year lows
  • Oil markets generally supported by OPEC/Russia supply restraint
  • But rising US output looms over OPEC-led cuts
  • US crude production edges towards 10 mln bpd

Precious metals

  • Gold holds steady near 1-1/2-year highs on weaker dollar
  • Spot gold nearly unchanged at $1,357.25 per ounce (0109GMT)
  • US gold futures mostly unchanged at $1,356.50 per ounce
  • Unpopular copper & cobalt-rich DR Congo’s new mining code sails through Senate
  • Zimbabwe’s FY gold pdn rose to 24.8 tonnes in 2017 from 22.7 T in 2016


  • Soybeans firms for 9th session, longest unbroken rally in over 3 yrs
  • Most active CBOT soybean futures up 0.2 pct to $9.94-1/2 a bushel (0214GMT)
  • Most active corn futures unchanged at $3.56-1/2 a bushel
  • Most active wheat futures up 0.3 pct to $4.34-1/4 a bushel
  • Most active rice futures down 0.4 pct to $12.12 per hundredweight

Soft commodities (24 Jan)

  • London cocoa slips on soaring pound, white sugar at 2015 low
  • March London cocoa settled down 0.5 pct at £1,357 per tonne
  • March New York cocoa settled up 1.4 pct at $1,955 per tonne
  • March white sugar settled down 0.3 pct at $351 per tonne
  • March raw sugar settled down 0.2 pct at 13.16 cents per lb
  • March arabica coffee settled up 1.3 pct at $1.255 per lb
  • March robusta coffee settled up 1.5 pct at $1,775 per tonne

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

  • World Economic Forum continues in Davos (23-26 Jan) [South Africa’s Ramaphosa is getting a lot of attention]
  • African Union summit continues (22-29 Jan) [Key heads of state event 28-29 Jan]
  • South Africa producer inflation data for Dec-17 expected [fcst. 5.1% yy, prev. 5.1%, est. 5.2%]

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

  • ICD to launch $1 bln Africa infrastructure fund
  • Ageing Gambians race for justice over ex-leaders’s fake AIDS cure
  • Congo mining code passes Senate without opposition
  • Nigeria’s Senate launches Brass LNG corruption investigation
  • Sengwer “hiding in the forest” amid pressure on Kenya to halt evictions
  • Nigerian lawmakers pass bill for exchange to become publicly listed
  • Opposition withdraws, giving Egypt’s Sisi clear run for presidency
  • Scores convicted in Congo’s Beni massacre trial
  • Block of South Africa’s Steinhoff loans successfully auctioned as lenders sell out
  • South African bonds: the “next big EM story”
  • Ivory Coast mining sector turnover rose to 11.5 pct in 2017
  • South Africa finance minister warns country will feel pain of tough budget
  • Yields on Kenyan 15-year treasury infrastructure bond slip at auction
  • South Africa’s rand firms at 2-1/2-year high, stock up
  • Uganda’s 10-year treasury bond yield declines
  • JPMorgan plans expansion into Ghana and Kenya
  • Unilever and consumer rivals raise bets on Nigeria
  • Zimbabwe president promises elections by July and says will respect result
  • Mauritius 3-yr treasury note yield at 3.26 pct
  • South Africa’s new political certainty boosting rand – cenbank gov
  • Congo is becoming like prison under Kabila – cardinal
  • Ghana Dec producer price inflation rises to 8.9 pct
  • Ugandan shilling holds steady against the dollar
  • Kenyan shilling surges to a 1-yr high against the dollar
  • Dams that supply South Africa’s Cape Town fall further as water crisis looms
  • Bharti Airtel gets regulatory approval to acquire ops of Millicom in Rwanda
  • South Africa’s CPI quickens to 4.7 pct y/y in December
  • Zimbabwe’s gold output rose to 24.8 tonnes in 2017 – cenbank

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

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