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<p>CNBC Africa puts the Focus On opportunities for mining in Africa, and embracing the power of positive disruption &#8211; coming from the 30th Mining Indaba in Cape Town.</p>


Absa Focus On Mining Indaba: Investment opportunities in Africa’s mining industry

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<p>From the 30th Mining Indaba in Cape Town, we look at the effect of at mineral export bans on investment opportunities and finding a balance between reducing mineral exports and feeding global demand.</p>


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Absa Focus On Mining Indaba: Reflecting on Africa’s mining industry


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<p>SINGAPORE, July 21 (Reuters) – Oil prices fell on Wednesday after an industry report showed an unexpected build-up in U.S. oil inventories last week, which heightened worries about a resurgence in COVID-19 infections potentially dampening fuel demand.</p>



<p><a href="https://www.cnbcafrica.com/quotes/@lcoc1/">Brent crude</a> futures fell 52 cents, or 0.8%, to $68.83 a barrel at 0354 GMT, giving up Tuesday’s 1.1% gain.</p>



<p>U.S. West Texas Intermediate (WTI) crude futures dropped 50 cents, or 0.7%, to $66.70 a barrel, after rising $1 on Tuesday.</p>



<p>The market “has come under a bit of downward pressure in early morning trading today after a bearish and rather surprising inventory report from the API,” ING Economics analysts said in a note, referring to weekly figures from the American Petroleum Institute.</p>



<p>U.S. crude stocks rose by 806,000 barrels for the week that ended July 16, according to two market sources, citing American Petroleum Institute figures.</p>



<p>By comparison, 10 analysts polled by Reuters had estimated, on average, that crude stocks fell by about 4.5 million barrels.</p>



<p>Investors are awaiting data from the U.S. Energy Information Administration to see whether it confirms there was an increase in crude inventories, which would end an eight-week streak of inventory drawdowns.</p>



<p>“The price moves today and potentially tomorrow will be driven by U.S. oil stocks data, but the biggest thematic will be the OPEC+ deal to add 400,000 barrels per day a month versus whether demand will hold up given what we’re seeing on the Delta variant,” Commonwealth Bank analyst Vivek Dhar said.</p>



<p><a href="https://www.cnbcafrica.com/2021/opec-oil-deal-sends-prices-lower-and-this-could-be-a-buying-opportunity/">A deal</a> by the Organization of the Petroleum Exporting Countries and allies, together known as OPEC+, to boost supply by 400,000 bpd each month from August through December sparked an oil price selloff on Monday, exacerbated by demand fears with cases of the Delta variant of the coronavirus picking up in major markets like the United States, Britain and Japan.</p>



<p>While fuel demand has improved during the peak summer months, a surge in Delta variant COVID-19 cases is taking a toll on the demand outlook.</p>



<p>“The Delta dread has a rather firm grip of the oil market sentiment, having put a big question-mark over the demand rebound narrative of the past several weeks,” said Vandana Hari, energy analyst at Vanda Insights.</p>



<p>“Crude may eke out some modest gains in the coming days, but it is hard to see prices jumping to the higher orbits any time soon,” said Hari. </p>



<p>(Reporting by Sonali Paul in Melbourne and Roslan Khasawneh in Singapore. Editing by Gerry Doyle and Richard Pullin)</p>



<p>(c) Copyright Thomson Reuters 2021. Click For Restrictions – https://agency.reuters.com/en/copyright.html</p>


106905973-1625223614118-gettyimages-1232575215-OIL_DEMAND

Oil retreats on surprise rise in U.S. stocks, weakening demand outlook

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<p>Commodities have been running hot this week, as the super cycle continues. Well the high commodity prices have added to the concerns of rising inflation and joining CNBC Africa to better paint this picture is Wayne McCurrie, Portfolio Manager at First National Bank Wealth and Investments.</p>


Commodities in super-cycle: Should you buy?

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<p>Anglo American says its Earnings Before Interest, Taxes, Depreciation, and Amortization for the second half of their financial year is the best it’s been in 10 years for a 6 month period. Anglo American CEO, Mark Cutifani joins CNBC Africa for more.</p>


Commodities boom lifts Anglo American to best half-year earnings in a decade

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<p>Heavy rains across the Sahel regions of West and Central Africa over the past weeks in Nigeria, Niger, Chad and Cameroon have caused devastating floods displacing and destroying farmlands as well as raising food and commodity process concerns. Joining CNBC Africa’s Kenneth Igbomor to discuss this is Edward George, leading Independent Commodities Expert.</p>


The impact of West

The impact of West, Central Africa floods on commodities

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<p>With South Africa, Nigeria, and Angola expected to plunge into deep recessions this year, does Sub-Saharan Africa still offer value for money for foreign investors in Covid-19 times?</p>


Where to invest in SSA amid the coronavirus crisis

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<p>CNBC Africa is joined by Peet Serfontein, a market analyst to discuss the expectations and trends from equities, commodities and currency markets in 2020.</p>


The outlook for equities

The outlook for equities, commodities & currency markets in 2020

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<p>Traders say Nigerian Treasury Bill (NTB) yields rose about 70 basis points over escalating trade tensions between the U.S and China. For more details on this week’s activities at the Money market in Nigeria, Nnamdi Olisaeloka, fixed income, currencies and commodities Analyst at Zedcrest Capital joins CNBC Africa for more.</p>


Investors assess political risk profile as US-China trade tensions escalate

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<p>Traders say Federal Account Allocation Committee (FAAC) inflows valued at 320 billion naira bolstered market liquidity in Nigeria’s Money Market as the Central Bank of Nigeria auctioned T-bills worth 89 billion naira on Wednesday. Nnamdi Olisaeloka, Fixed Income, Currencies and Commodities Analyst at Zedcrest Capital joins CNBC Africa for more.</p>


FAAC inflows boost market liquidity in Nigeria’s money market

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<p>Producer inflation increased rapidly in March as the effects of higher fuel and food prices started to bite. The price producers pay at the factory gate leaped to 6.2 per cent in March from 4.7 per cent in February. This is much higher than economists had forecast and means consumers are at risk of paying more for goods and services. Jason Welz, Commodity and Materials Analyst at Afriforesight joins CNBC Africa for more. </p>


March producer inflation rises sharply

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<p>The South African equities market is still struggling to shake off the slow growth of years past .First quarter figures were muted for many industry favourites.</p>


JSE is oversold and due for correction – Analyst

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<p>Kenya has unveiled a trade portal to serve as a one-stop-shop for traders seeking to import or export various commodities from Kenya.</p>


Kenya unveils online trade portal to ease import, export trade

<p>By Vijaykumar Vedala<span id="midArticle_byline"></span></p>
<p><span class="articleLocatio&lt;/span&gt;n">Gold held steady after hitting its highest in over six weeks earlier on Monday, buoyed by disappointing U.S. jobs data that appeared to dilute the prospects for an aggressive string of interest rate hikes in the United States.</span></p>
<p>U.S. job growth slowed in May and employment gains in the prior two months were not as strong as previously reported, suggesting the labor market was losing momentum despite the unemployment rate falling to a 16-year low of 4.3 percent.</p>
<p>Spot gold had climbed 0.1 percent to $1,280.74 per ounce by 0352 GMT. It hit a peak of $1,281.95 an ounce early in the session, its strongest since April 21.</p>
<p>U.S. gold futures for August delivery were up 0.2 percent at $1,283.3 an ounce.</p>
<p>Palladium on Monday matched its June 2 high of $843.10 an ounce, which was the metal&#8217;s strongest since September 2014.</p>
<blockquote><p>&#8220;We do expect gold to hit some turbulence as we approach the June Fed rate hike, but things could open up for the precious metal post-meeting if the central bank&#8217;s language remains dovish,&#8221; INTL FCStone analyst Edward Meir said in a note</p></blockquote>
<p>Higher interest rates put pressure on gold prices by increasing the opportunity cost of holding non-yielding bullion.</p>
<p>&#8220;We had an excellent Friday where gold really reacted. It is taking a pause in Asian trading this morning,&#8221; said ANZ analyst Daniel Hynes referring to the 1.1-percent jump in prices for the metal prices in the previous session.</p>
<p>EUROPEAN ELECTIONS</p>
<p>Meanwhile, following a militant attack on a nightlife district of London this weekend, British Prime Minister Theresa May will resume campaigning on Monday for the national election due in three days. The vote is expected to be much tighter than previously predicted.<span id="midArticle_byline"></span></p>
<p>&#8220;(European elections have) been an underlying supportive factor for some time providing some good safe-haven buying but not enough to spark any panic buying. That&#8217;s why we think things will be relatively subdued,&#8221; Hynes said.</p>
<p>Hedge funds and money managers raised their net long position in COMEX gold for the second straight week, hitting the highest level in nearly a month, and also raised it in silver, U.S. Commodity Futures Trading Commission data showed on Friday.</p>
<p>The dollar index, which tracks the greenback against a basket of six major currencies, edged higher on Monday, but was not far from Friday&#8217;s nadir of 96.654, its lowest since Nov. 9.</p>
<p>Among other precious metals, silver hit a high of $17.585 an ounce early in the session, its strongest since April 26. Platinum was down 0.6 pct at $946.10.</p>
<p>(Additional reporting by Koustav Samanta in Bengaluru; Editing by Joseph Radford)</p>


Gold hits highest in over 6 weeks as US jobs data disappoints

<ul>
<li>Possibility of reaching projcted price breakout targets</li>
<li>Pattern is a long-term look</li>
</ul>
<p>By Daryl Guppy</p>
<p>We know the weekly NYMEX Oil chart shows a long-term inverted <a class="inline_asset" href="http://www.guppytraders.com/gup344.shtml" target="_self">head and shoulder reversal</a> pattern. This trend reversal pattern is reliable and has a high probability of reaching the projected price breakout targets. It is a powerful trend reversal pattern, but it&#8217;s a long term pattern and a lot of things can happen between now and the achievement of the pattern targets.</p>
<p>During this period other chart patterns develop and they help to confirm the longer term pattern. For the past year oil has been trading in an upsloping <a class="inline_asset" href="http://www.guppytraders.com/gup348.shtml" target="_self">trading channel</a>. It is not a perfect fit, but the channel captures most of the price behavior.</p>
<p>The upper trend line starts in June 2016 and captures the highs in October 2016 and January 2017. The lower trend line is parallel to the upper trend line. It is not an exact fit, but is starts near the lows of August 2016 and then uses the low of November 2016.</p>
<p><img loading="lazy" decoding="async" class="alignnone size-full wp-image-120559" src="http://cnbc.africa/wp-content/uploads/2017/04/cr.jpg" alt="" width="678" height="426" /></p>
<p>We would not recommend using this trading channel as a basis for entry and exits points. However it is a useful guide to the behavior of price and helps to put the price pullbacks into to context.</p>
<p>We also apply the <a class="inline_asset" href="http://www.guppytraders.com/gup329.shtml" target="_self">Guppy Multiple Moving Averages</a> (GMMA) indicator. This confirms a steady uptrend but it also shows that the uptrend is no well supported by investors. The long term GMMA has compressed and turned upwards. This is the characteristic of the beginning of a new uptrend.</p>
<p>However, the long term GMMA has no shown good expansion. It has remained compressed for eight months. In a string uptrend the long term GMMA usually develops good separation. The wide separation acts as a shock absorber for any price retreats as it shows investors will enter the market as buyers.</p>
<p>The compressed long term GMMA has narrow separation and this shows investors are still cautious about future prospects for oil. This is a vulnerable market. It can move easily upwards, and just as easily downwards.</p>
<p>On the balance of analysis this is a bullish chart. The current chart patterns confirm the long term inverted head and shoulder pattern. However the combinations of patterns suggest investors will need patience and will need to wait for some time before the first price target of $58 is achieved.</p>
<p>The historical pattern of support and resistance levels help define the upside targets. The rebound from support near $48 is part of this pattern behavior. Resistance is near $58. A breakout above this level gives a medium term target near $68.</p>
<p>Temporary resistance has developed recently near $54. A breakout above $54 can move quickly to long term resistance near $58.</p>
<p>This chart offers short term trading opportunities which can be exploited using the <a class="inline_asset" href="http://www.antssys.com/" target="_self">ANTSSYS</a> method to trade the consolidation behavior. Any breakout above $58 has a resistance target near $68 and this helps validate the head and shoulder price projection target.</p>


Op-Ed: Is there a price breakout ahead for crude oil?

<p>George Obulutsa | NAIROBI</p>
<p>Economic growth in sub-Saharan Africa is seen rising between this year and 2019, helped by better commodity prices and improved global conditions, the World Bank said in a report on Wednesday.<span id="midArticle_byline"></span></p>
<p>The bank said in its latest &#8220;Africa&#8217;s Pulse&#8221; report economic growth was seen expanding to 2.6 percent this year and further to 3.2 percent in 2018 and 3.5 percent a year later.</p>
<p>Sub-Saharan African growth was an estimated 1.3 percent in 2016, the World Bank said.</p>
<p>&#8220;The upturn in economic activity is expected to continue in 2018-19, reflecting improvements in commodity prices, a pickup in global growth, and more supportive domestic conditions,&#8221; the bank said in its report.</p>
<p>The bank said the 2016 growth was the worst for the region in more than two decades, hurt by poor performance in Nigeria, South Africa and Angola.</p>
<p>&#8220;This low growth rate was driven mainly by unfavourable</p>
<p>external developments, with commodity prices remaining low, and difficult domestic conditions,&#8221; the report said.</p>
<p>It said growth in Nigeria contracted by 1.5 percent, due to tight liquidity, delays in implementing its budget, and militant attacks on oil pipelines.</p>
<p>The bank said Angola&#8217;s growth slowed due to a fall in oil production while South Africa&#8217;s economic expansion slowed to 0.3 percent due to contractions in the mining and manufacturing industries and the effects of drought on agriculture.</p>
<p>&#8220;Excluding these three countries, growth in the region was estimated to be 4.1 percent in 2016,&#8221; the report said.<span id="midArticle_byline"></span></p>
<p>(Reporting by George Obulutsa; editing by John Stonestreet and Pritha Sarkar)</p>


World Bank sees sub-Saharan Africa GDP growth up in 2017 after poor 2016 performance

<p>By Sethuraman N R<span id="midArticle_byline"></span></p>
<p><span class="articleLocatio&lt;/span&gt;n">Gold slipped on Wednesday as the dollar recovered a bit from a three-week low hit in the previous session, but geopolitical concerns about North Korea and nervousness ahead of the French presidential election lent support to the safe-haven asset.</span></p>
<p>Spot gold was down 0.2 percent to $1,286.40 per ounce as of 0314 GMT. The metal hit its highest since early November at $1,295.42 on Monday before closing lower, and rose 0.4 percent on Tuesday.</p>
<p>U.S. gold futures were down 0.4 percent at $1,288.80.</p>
<p>U.S. Vice President Mike Pence on Tuesday reassured Japan of American commitment to reining in North Korea&#8217;s nuclear and missile ambitions, after warning that U.S. strikes in Syria and Afghanistan showed the strength of its resolve.</p>
<p>&#8220;The whole situation for gold is more than optimistic because of the geopolitical tensions aroused by North Korea and with the interest rate hike expectations coming down,&#8221; said Mark To, head of research at Hong Kong&#8217;s Wing Fung Financial Group.</p>
<p>&#8220;The trading range from $1,200-$1,250 over the past few weeks has been broken convincingly&#8230; We see $1,280 as the gravity around which the trading range will be built and prices will move between $1,270-$1,310.&#8221;</p>
<p>The dollar index edged up, but was hovering near a three-week low on disappointing U.S. housing starts data and nervousness over trade talks between the United States and Japan. [USD/]</p>
<p>In France, investors remained nervous ahead of the first round of the country&#8217;s presidential election this Sunday, even though an opinion poll put centrist Emmanuel Macron first, just ahead of far-right, anti-euro candidate Marine Le Pen.</p>
<p>&#8220;Nervousness heading into the French election should theoretically provide some support to gold, but at some point, we think the markets will start to discount a poor showing for Le Pen and perhaps siphon off some of the risk premium already baked into prices,&#8221; said INTL FCStone analyst Edward Meir.<span id="midArticle_byline"></span></p>
<p>&#8220;However, offsetting this somewhat, is the possibility that the dollar will continue to recede on a Le Pen defeat, coupled with the fact that U.S. tax reform and infrastructure spending both seem to be increasingly far removed, painting a rather bullish backdrop for gold.&#8221;</p>
<p>British Prime Minister Theresa May&#8217;s call for a snap general election added to a lengthening list of uncertainties for investors already on edge over geopolitical tensions that also include Syria, Afghanistan, Turkey and U.S. relations with Russia and China.</p>
<p>Spot silver dropped 0.2 percent to $18.21 per ounce.</p>
<p>Platinum fell 0.1 percent to $972.45, while palladium was down 0.3 percent at $772. Palladium on Tuesday fell nearly 2 percent to a more than four-week low of $769.80.</p>
<p>(Reporting By Nallur Sethuraman in Bengaluru; Editing by Subhranshu Sahu)</p>


commodities

Absa Focus On Mining Indaba: Investment opportunities in Africa’s mining industry

Absa Focus On Mining Indaba: Reflecting on Africa’s mining industry

Oil retreats on surprise rise in U.S. stocks, weakening demand outlook

Commodities in super-cycle: Should you buy?

Commodities boom lifts Anglo American to best half-year earnings in a decade

The impact of West, Central Africa floods on commodities

Where to invest in SSA amid the coronavirus crisis

The outlook for equities, commodities & currency markets in 2020

Investors assess political risk profile as US-China trade tensions escalate

FAAC inflows boost market liquidity in Nigeria’s money market

March producer inflation rises sharply

JSE is oversold and due for correction – Analyst

Kenya unveils online trade portal to ease import, export trade

Gold hits highest in over 6 weeks as US jobs data disappoints

Op-Ed: Is there a price breakout ahead for crude oil?

World Bank sees sub-Saharan Africa GDP growth up in 2017 after poor 2016 performance

Gold edges lower, but geopolitical worries support

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commodities

Absa Focus On Mining Indaba: Investment opportunities in Africa’s mining industry

Absa Focus On Mining Indaba: Reflecting on Africa’s mining industry

Oil retreats on surprise rise in U.S. stocks, weakening demand outlook

Commodities in super-cycle: Should you buy?

Commodities boom lifts Anglo American to best half-year earnings in a decade

The impact of West, Central Africa floods on commodities

Where to invest in SSA amid the coronavirus crisis

The outlook for equities, commodities & currency markets in 2020

Investors assess political risk profile as US-China trade tensions escalate

FAAC inflows boost market liquidity in Nigeria’s money market

March producer inflation rises sharply

JSE is oversold and due for correction – Analyst

Kenya unveils online trade portal to ease import, export trade

Gold hits highest in over 6 weeks as US jobs data disappoints

Op-Ed: Is there a price breakout ahead for crude oil?

World Bank sees sub-Saharan Africa GDP growth up in 2017 after poor 2016 performance

Gold edges lower, but geopolitical worries support

News Tips

Advertise With Us

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