#Africa #Markets | 22 May

By Rafiq Raji, PhD
Twitter: @DrRafiqRaji

Global Markets

  • Asian shares stumble as dollar strengthens, oil surges
  • MSCI ex-Japan up 0.1 pct, Nikkei flat despite strong Wall St
  • Dollar near four-mth highs vs yen, near 6-mth top vs euro
  • Oil near 2014 highs after Venezuela’s presidential elections

Oil Markets

  • Oil prices rise on worries over Venezuelan supply
  • Venezuela vote stokes concerns over oil supply from country
  • Oil markets tight on OPEC cuts, looming US sanctions on Iran
  • US, China appear to step back from brink of trade war
  • Brent crude futures up 15 cents at $79.37 per barrel (0110GMT)
  • US WTI crude futures up 25 cents at $72.49 a barrel

Precious metals

  • Gold prices steady on weaker dollar
  • Spot gold nearly unchanged at $1,292.66 per ounce (0044GMT)
  • US gold futures for June delivery up 0.1 pct at $1,292.50 per ounce

Grains

  • US soybeans edge down from 11-day high on USDA planting report
  • Most active CBOT wheat futures down 0.2 pct at $5.06-1/4 per bushel (0142GMT)
  • Most active corn futures down 0.3 pct at $4.01-3/4 per bushel
  • Most active soybean futures down 0.3 pct at $10.22-1/4 a bushel
  • Most active rice futures nearly unchanged at $12.23 per hundredweight

Soft commodities (21 May)

  • Raw sugar sees biggest rally in 2018, arabica coffee jumps
  • July raw sugar settled up 3.8 pct at 12.1 cents per lb
  • August white sugar settled up 3 pct at $340 per tonne
  • July arabica coffee settled up 1.9 pct at $1.202 per bonne
  • July robusta coffee settled up 1.9 pct at $1,795 per tonne
  • July New York cocoa settled down 2.4 pct at $2,615 per tonne
  • July London cocoa settled down 1 pct at £1,863 per tonne

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

  • Nigeria’s central bank’s interest rate decision today [forecast is 14%; unchanged]
  • South Africa’s central bank starts 3-day MPC meeting today [fcst. 6.25%, prev. 6.5%]
  • South Africa’s Ramaphosa to address COSATU meet today

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

  • Guinea’s Conde names new PM amid rising political tensions
  • Production vessel at Ghana’s Jubilee oilfield shut temporarily
  • Burundi approves new constitution extending presidential term limit
  • US says Burundi constitutional referendum ‘marred’
  • Zimbabwe sets new date for Mugabe hearing, doubts over his apperance
  • Congo begins giving experimental ebola vaccine to medics
  • Africa – Crude-Nigerian overhang persists, tenders drag on trade
  • Zimbabwe applies to re-join Commonwealth, invites poll obsevers
  • Algeria cancels plan to let foreigners into farmland concessions
  • Ghana central bank cuts policy rate to 17 pct
  • South Africa agrees modest wage deal with state workers
  • Drought, armyworms cut Malawi maize crop by 19 pct – minister
  • Congo begins ebola vaccinations in northwest city – witness
  • Kenya clears fuel spillage after cargo train derails on coast
  • WHO says ebola preparedness much better now than in 2014
  • Nigeria sends request for proposal to banks for eurobond – sources
  • Egypt to hold 2 international bid rounds for oil, gas explorations – statement
  • Offshore investors net sellers of South African stocks, bonds
  • Nigeria’s economic growth slows for first time since end of season
  • Shell says force majeure still in place on Nigerian Bonny crude

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

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