Commodity Market Weighs Coronavirus Impact

Must Read

List of Guaranty Trust Bank Sort Codes & Branches (with addresses) in Nigeria

The sort code is a number that usually identifies both the bank and the branch where an account is...

List of Access Bank Sort Codes & Branches (with addresses) in Nigeria

The sort code is a number which usually identifies both the bank and the branch where an account is...

Here is the list of Providus Bank Branches in Lagos

A little over two years after it was granted a commercial banking license with regional authorization by the Central...

Markets weigh CoVid-19 virus impact as Oil price inch higher. Precious metals sustain their safe-haven positions while the agricultural sector remains mixed.

  • Last week, Oil prices continued to gain, amid broad optimism that the hit from Coronavirus (also known as CoVid-19) will be short-lived, together with the US move to cut more Venezuelan crude from the market (a move which may further affect global supply).

Commodity Market Weighs Coronavirus Impact

  • However, despite the growing fear of possible further the decline in global oil demand (as the Coronavirus the epidemic continues to spread beyond the Chinese borders with a rising number of the death being reported during the week), we are yet to hear further announcement from OPEC+ regarding planned output cut aimed at preventing price slump.
  • Last week, Wheat prices were up 1.31% w/w to $551.75 per bushel, despite slowing global demand from China.
  • However, Corn prices decreased by 0.02% w/w to $377.00 per bushel amid a global supply glut.
  • Cocoa prices increased by 1.21% w/w to $2,939.00/MT, despite unfavourable weather conditions in Ghana and Ivory Coast, limiting global supply.
  • Sugar prices was also up by 3.52% w/w to $15.59/lbs amid drought in Thailand putting pressure on the already stretched supply line, and reducing global output.
  • Investors desire to hold their assets in safe haven pushed Gold prices higher by 3.91% w/w to $1,644.60/oz as the number of global cases of CoVid-19 continues to rise.
  • Silver prices was also up by 4.49% w/w to $18.53/oz, as it remains supported by investors’ desirers to hold the asset during this Coronavirus period.
Read Also:  HAJJ 2020: Lagos Urges Intending Pilgrims to Defer till 2021

Commodity Market Weighs Coronavirus Impact
SOURCES: Financial Market Dealers Association of Nigeria, Investing.com, Bloomberg and GTI Research.

GTI RESEARCH

- Advertisement -
Commodity Market Weighs Coronavirus ImpactCommodity Market Weighs Coronavirus Impact

Subscribe to BrandSpur Ng

Subscribe for latest updates. Signup to best of brands and business news, informed analysis and opinions among others that can propel you, your business or brand to greater heights.

LEAVE A REPLY

Please enter your comment!
Please enter your name here
Read Also:  FSDH Monthly Strategic Report: Inflation rate to drop marginally to 15.96% in Sept. 2017 from 16.01% in Aug. 2017

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Commodity Market Weighs Coronavirus ImpactCommodity Market Weighs Coronavirus Impact

Latest News

Four strategies for helping women in fragile settings succeed in the digital economy

The coronavirus (COVID-19) pandemic is disproportionately impacting women’s livelihoods. Young women are more prone to unemployment and under-employment than men, and many...

How To Apply For NPower 2020 Recruitment

The NPower program was launched a few years ago and became one of the top opportunities for young individuals to begin their careers in...

Insider Dealing: MTN Nigeria Discloses Purchase of 920,000 Shares by Toriola

MTN Nigeria Plc on Thursday disclosed an insider dealing of 920,000 shares in line with the new Nigerian Stock Exchange (NSE) policy. In a statement...

SSA Monetary Policy Response to COVID-19: At the expense of price stability?

The global outbreak of the novel Coronavirus in early 2020 precipitated an economic crisis in the sub-Saharan African region as the prices of key...

Opay shuts down other business arms to focus on fintech, e-commerce

OPay launched by Opera software has announced a shutdown of some of its business units to focus only on financial technology services. Services on OPay...
- Advertisement -
BrandsPur Weekly Cartoons
- Advertisement -Commodity Market Weighs Coronavirus ImpactCommodity Market Weighs Coronavirus Impact