#Africa #Markets | 13 Mar

By Rafiq Raji, PhD
Twitter: @DrRafiqRaji

Global Markets

  • Asia stocks rally stalls as Wall St loses steam, dollar sags
  • MSCI Asia-Pacific index flat, Nikkei down 0.15 pct
  • Dollar sags, tracking dip in US yields
  • Markets await US consumer prices data for cues
  • Crude oil extends decline after overnight slide

Oil Markets

  • Oil prices fall on relentless rise in US crude output
  • EIA raises its US shale oil output from last record
  • US April shale output to be 6.95 mln bpd – EIA
  • March shale output of 6.82 mln bpd already a record
  • Shale has driven overall US output to over 10 mln bpd
  • US crude output to break through 11 mln bpd this year – IEA
  • US WTI crude futures down 0.2 pct at $61.20 a barrel (0122GMT)
  • Brent crude futures down 0.2 pct at $64.80 per barrel

Precious metals

  • Gold prices edge higher as dollar sags
  • Spot gold up 0.1 pct at $1,324.08 per ounce (0057GMT)
  • US gold futures for April delivery up 0.3 pct at $1,324.50 per ounce

Grains

  • Wheat firms as USDA confirms damage to crops
  • Most active CBOT wheat futures up 0.2 pct at $4.91-1/4 a bushel (0055GMT)
  • Most active soybean futures up 0.3 pct at $10.43-3/4 a bushel
  • Most active corn futures down 0.1 pct at $3.90-1/2 a bushel
  • Most active rice futures unchanged at $12.31 per hundredweight

Soft commodities (12 Mar)

  • NY cocoa climbs to 16-mth high, raw sugar edges up
  • May New York cocoa settled up 3.29 pct at $2,546 per tonne
  • May London cocoa settled up 2.9 pct at £1,791 per tonne
  • May raw sugar settled up 0.7 pct at 12.93 cents per lb
  • May white sugar settled up 0.6 pct at $359.40 per tonne
  • May arabica coffee settled down 0.58 pct at $1.1945 per lb
  • May robusta coffee settled down 0.6 pct at $1,769 per tonne

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

  • South Africa manufacturing production data for January due [fcst. 1.9% yy, est. 2.5%, prev. 2.0%]

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

  • Nigeria plans to negotiate for release of 110 abducted Dapchi girls
  • Stone Age people in South Africa unharmed by supervolcano eruption
  • Nigerian traditional leader revokes voodoo curses placed on trafficking victims
  • Start of Golar’s floating LNG in Cameroon may draw more Africa clients
  • Congo opposition leader says will return home by June
  • Strike delays loading at Libya’s Zawiya oil port – sources
  • South African retailer TFG’s CEO to retire, CFO to take over
  • With revamped T-kash, Telkom Kenya aims to challenge Safaricom’s dominance
  • Kenya opposition suspends “People’s Assembly” after rivals meet
  • Zimbabwe gives miners, farmers six months to clear electricity bills
  • South Africa’s Cape Town faces severe economic troubles over drought – Moody’s
  • Gupta firms lose bid to have Bank Baroda remain in South Africa
  • Algeria’s Sonatrach to invest $250M to boost output at Tinhert gas field
  • Egypt plans to award Red Sea to Mediterranean rail tender in H2 2018
  • US Tillerson cuts short Africa trip to return to Washington
  • Tullow Oil says intention to offer $650 mln senior notes
  • Offshore investors net buyers of South African stocks, bonds
  • Egypt chooses four banks for eurobond issue – finance ministry
  • Kenya to sell 5-y, 20-yr t-bonds worth 40 bln shillings in March – cbank

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

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