Brent crude continued its upward trend last week. It ended the week at a price of $69.3 per barrel, representing a 4.6% increase W-o-W.
Oil prices are expected to continue in this trend as supply remains constrained and demand recovers.
Metals were generally negative last week. Gold saw a weekly decline of 0.62%. The metal ended the week at $1,890.85.
Similarly, Silver ended the week negative at $27.8, a 0.36% W-o-W decline. Platinum also fell by 1.04% W-o-W to $1,165.7.
Metals are expected to rebound this week as dollar declines on the back of positive job reports from the U.S.; 559,000 jobs were added in May.
Prices of agricultural products were mixed in the past week.
Soybeans ended the week at $1,582.5, rising 3.4% W-o-W. Similarly, Wheat rose by 3.2% W-o-W to sell at $684.75.
Corn ended the week at $680.75, representing a 3.65% rise W-o-W. Meanwhile, Cocoa slid by 0.12% W-o-W to $2,409.
Price of Palm Oil was $4,129 as at Friday, representing a 2.97% increase W-o-W. Rice rose by 0.08% W-o-W to $13.1, and Sugar also increased by 1.9% to $17.69.
Cocoa fell to $2,409, representing a 0.12% decline W-o-W. Rubber also eased by 3.39% to $248.1 during the same period.
Industrials maintained a generally negative trend during the week.
Zinc fell to $3,005.75, representing a 2.16% decline W-o-W while Cobalt fell to $42,535, a 5.82% decline W-o-W.
Aluminium ended the week at $2,454.5, declining by 2.07% while Steel grew by 2.21% to end the week at $4,860.
Coal declined by 1.38% to $107.5 W-o-W and Lead declined by 3.05%, falling to $2,129.25.
Iron Ore fell 7.49% W-o-W to $208. Similarly, copper ended the week low at $4.50, representing a 3.29% decline W-o-W.
- Godwin Emefiele, Governor of the Central Bank of Nigeria, has asked big manufacturers looking to obtain foreign exchange to import glucose and starch to look to sourcing their demands from the newly commissioned $12million Cassava processing plant in Oyigbo, Port Harcourt, Rivers State
- According to the Nigeria Economics Summit Group (NESG), Nigeria is projected to earn $2 billion revenue in seed exports within the next five (5) years as a result of the passage and implementation of the Plant Variety Protection (PVP). The PVP bill gives breeders, developers and owners of plant varieties the right to intellectual property. This PVP system will boost quality seed breeding activities and attract foreign companies, according to the NESG
- Thrive Agric, an agricultural technology firm, has received $1.75 million in grant from the USAID-funded West Africa Trade & Investment Hub. Thrive Agric, through the fund, will support small scale women and youth farmers that grow rice, maize and soybean
KEY UPCOMING EVENTS
- According to the SSA to the President on Niger Delta Affairs, a policy is to be unveiled soon on the operations of artisanal refineries in the country
- NNPC is considering equity participation in six major refineries across the country. This is in line with Federal Government policy mandating NNPC’s equity participation in refineries producing over 50,000 barrels daily
Source: AFEX, Guardian, Reuters.