#Africa #Markets | 25 May

By Rafiq Raji, PhD
Twitter: @DrRafiqRaji

Global Markets

  • Asian shares shaky after Trump ditches summit with North Korea
  • South Korean shares down 0.65 pct
  • Vix at 4-mth low as investors used to Trump tactics
  • Oil dips on speculation output cuts may be relaxed

Oil Markets

  • Oil prices ease after Russia says it may gradually raise output
  • Russia has been withholding supply with OPEC since 2017
  • OPEC, non-OPEC producers to meet in June to discuss production
  • Russia says supply restrictions could be eased “softly”
  • Brent crude futures down 1 cent at $78.78 per barrel (0024GMT)
  • US WTI crude futures down 2 cents at $70.69 a barrel

Precious metals

  • Gold prices slip but hold above $1,300
  • Spot gold down 0.2 pct at $1,302 per ounce (0100GMT)
  • US gold futures for June delivery down 0.2 pct at $1,301.90 per ounce

Grains

  • Wheat set for weekly gain pct as dry weather threatens global output
  • Most active CBOT wheat futures up 0.2 pct at $5.31-1/2 per bushel (0038GMT)
  • Most active corn futures up 0.1 pct at $4.04-1/2 per bushel
  • Most active soybean futures up 0.3 pct at $10.38-1/2 per bushel
  • Most active rice futures down 0.5 pct at $11.51 per hundredweight

Soft commodities (24 May)

  • Sugar at 8-week highs as truckers strike in Brazil
  • July raw sugar settled up 0.2 pct at 12.38 cents per lb
  • August white sugar settled up 0.6 pct at $351.40 per tonne
  • July arabica coffee settled up 1 pct at $1.2055 per lb
  • July robusta coffee settled up 0.2 pct at $1,755 per tonne
  • July London cocoa settled down 0.9 pct at £1,865 per tonne
  • July New York cocoa settled down 0.6 pct at $2,603 per tonne

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

  • African Liberation Day today
  • Final day of AfDB Annual Meetings in Busan, South Korea, today

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

  • Impact of fighting on civilians in Libya’s Derna ‘devastating’ – UN
  • Algeria’s Sonatrach hopes for Exxon Mobil deal on shale gas
  • Egypt state security orders prominent blogger Wael Abbas detained for 15 days
  • Morocco’s Rif protest leader on hunger strike, father says
  • Burundi opposition push to annul vote extending president’s term
  • Nigeria’s Bodo community claims win over Shell after latest UK court ruling
  • South Africa authorities halt flights of state-run SA Express
  • Militia attacks Banro Corp’s east Congo gold mine – geologist
  • South African central bank holds repo rate at 6.5%, sees upside risks to CPI
  • US raises concerns over Egyptian activists’ arrests – W.House
  • Yields on Kenya’s 91-day, 182-day and 364 day t-bills dip at auction
  • South Africa probe into influence peddling to start hearings in August
  • Angola central bank holds benchmark rate at 18 pct
  • South African child who was kidnapped for bitcoin is found
  • Tunisian parties discuss cabinet reshuffle, exit of prime minister
  • Infection alert after dying Ebola patients taken to Congo prayer meeting
  • China applauds Burkina Faso decision to cut ties with Taiwan
  • Kenya’s treasury avoids dealing with rate cap in draft law
  • Kenya aims to issue green sovereign bond in 2018/19
  • Sudan says committed to Yemen military campaign, weeks after signalling doubts
  • South Africa confirms Hadebe as CEO of struggling Eskom
  • Kenya’s treasury wants to regulate ‘predatory lending’ – official
  • Kenya’s central bank sells dollars to the market after shilling weakens – traders

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

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