#Africa #Markets | 24 Apr

By Rafiq Raji, PhD
Twitter: @DrRafiqRaji

Global Markets

  • US debt deluge lifts bond yields to 4-yr high, Asia stocks down
  • US 10-yr yield near 3 pct on inflation, fiscal worries
  • Dollar gains broadly; euro hits low since early March
  • Oil remains high since late 2014, aluminium tumbles

Oil Markets

  • Brent oil prices hit highest since late 2014 on supply cuts, potential sanctions
  • Brent hits Nov-2014 high of $75.20 before dipping below $75
  • Ongoing OPEC supply cuts come amid strong demand
  • Prices also buoyed by looming threat of US sanctions on Iran
  • Brent at $74.89 a barrel, up 0.2 pct (0109GMT)
  • US WTI crude futures at $68.84 a barrel, up 0.3 pct

Precious metals

  • Gold steady but buoyant dollar, Treasury yields weigh
  • Spot gold up 0.1 pct at $1,325.16 per ounce (0041GMT)
  • US gold futures up 0.2 pct at $1,327.10 per ounce

Grains

  • Corn ticks higher as USDA confirms planting delays
  • Most active CBOT wheat futures up 0.1 pct at $4.74-3/4 per bushel (0051GMT)
  • Most active corn futures up 0.1 pct at $3.78-3/4 a bushel
  • Most active soybean futures down 0.1 pct at $10.31-1/4 a bushel
  • Most active rice futures unchanged at $13.07 per hundredweight

Soft commodities (23 Apr)

  • Raw sugar sinks to 2015 low as Brazilian currency drops
  • July raw sugar settled down 4 pct at 11.4 cents per lb
  • August white sugar settled down 3.9 pct at $329.20 per tonne
  • July arabica coffee settled up 1.1 pct at $1.1895 per lb
  • July robusta coffee settled up 0.6 pct at $1,769 per tonne
  • July London cocoa closed flat at £1,829 per tonne
  • July New York cocoa settled down 0.1 pct at $2,726 per tonne
  • Heavy rainfall in most of Ivory Coast’s cocoa-growning regions last week was positive for the April-to-Sept mid-crop, farmers said

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

  • Libya to cover 2018 grain needs with imports, eyes higher harvest
  • Egypt denies Sinai battle choking off food, medicine supplies
  • Madagascar leader urges end to unrest amid protests over deaths
  • Ethiopia says British museum must permanently return its artefacts
  • Former Malawi president Joyce Banda returns from exile
  • Zimbabwe to drop local listing requirement from mining bill – foreign minister
  • Zimbabwe committed to clearing debt obligations – Moyo
  • Africa Crude – Nigeria’s June exports to slip, tenders dominate
  • Dangote Cement appoints Joseph Makoju as CEO
  • South African rand hits 3-mth low on soaring dollar
  • Angola satellite inoperative, Russia to build another one
  • Rival groups from Somali army clash at former UAE training facility
  • Egypt’s Sinai battle chokes food, medical supplies to thousands – report
  • Zimbabwe sets up special courts for election violence
  • Angola president sacks armed forces, spy bosses in latest purge
  • Jailed Egyptian journalist to be awarded UNESCO press freedom prize
  • Kenyan shilling firm, may ease due to importer demand
  • Egypt’s rice farmers see rough times downstream of new Nile mega-dam
  • Ethiopian businesses disappointed by new PM’s economic stance
  • Ivory Coast minister views local processing as crucial to sector
  • Ugandan shilling unchanged, dollar demand from importers weak
  • Libya examines Total-Marathon purchase, casting doubt on deal – sources
  • Offshore investors net sellers of South African stocks, buy bonds

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

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