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Cocoa Climbs on Nigeria, Oil Drops on Germany & Iran

Commodity Inspector — Mon, 09 Jan 2012 22:30:46 +0000

Cocoa futures posted the biggest gain since October 2009 as a strike in Nigeria threatened to disrupt shipments. The strike of Nigerian workers that started today may lead to ports shutting down. Nigerian farmers stopped selling crops after fuel prices doubled and the government removed fuel subsidies, while prices for crops fell 40 percent. Cocoa spot price climbed from $2,033 to $2,171 per metric ton on ICE as of 22:02 GMT today and reached $2,199 earlier.

Crude oil fell today after a report showed that German industrial production declined. Germany’s output dropped 0.6 percent in November, following the 0.8 advance in October. Oil also slid on easing concerns that Iran would disrupt oil supplies from the Persian Gulf. February contract for delivery of crude oil slipped $0.25 to $101.31 per barrel on NYMEX, the lowest price this year. Brent oil declined from $113.42 to $112.33 on ICE.
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Threat for Oil Supplies from Kuwait & Nigeria Boosts Crude

Commodity Inspector — Tue, 11 Oct 2011 05:38:22 +0000

Crude oil fluctuated today after jumping yesterday to the two-week high on the speculation about disruption of supply from Kuwait and Nigeria.

Shipments from Kuwait may be disrupted by strikes. Royal Dutch Shell PLC said its Nigerian subsidiary has declared “force majeure” on Forcados crude shipment from October until December. The reason for such decision was a leak in a pipeline caused by explosives.

Crude oil also advanced as the European leaders pledged to resolve the debt crisis in Europe. French President Nicolas Sarkozy and German Chancellor Angela Merkel set for themselves three-week deadline to find a solution for the Euro-region problems and are going to present their plans at the Group of Twenty meeting on November 3.

Crude traded at $108.82 per barrel today as of 5:32 GMT on ICE after it jumped yesterday from 106.01 to 108.82.
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Decline of Soybeans; Falling Cocoa Exports in Nigeria; Gain in Gold

Commodity Inspector — Wed, 19 Aug 2009 18:34:17 +0000

Soybeans slid to the lowest price this month as good weather increased yield prospects in the U.S. As there are plenty of rains and temperature is not too hot or too cold, soybeans harvest promises to be great. November futures for soybean delivery fell $0.06 (0.6 percent) to $9.53 per bushel at 10:16 a.m. on CBoT.

Cocoa exports in Nigeria can fall because of jute bags shortage. If Nigeria fails to get food-grade jute bags for cocoa beans, farmers will be forced to use old or infested bags which may cause buyers to reject the beans. The Nigerian government stopped to supply subsidized bags to farmers two years ago. Cocoa producers are planning to meet with the Minister of Agriculture and Water Resources to bring the issue to the government’s attention. The price for the bags rose from about 140 naira ($0.88) per bag last year to 300 naira now. September delivery for cocoa gained 0.9 percent to 1,738 pounds ($2,847.37) as of 10:40 on the Liffe Exchange in London.

Gold gains as dollar decline against euro boosting the precious metal’s appeal as hedge against inflation. There is speculation that global economic revival can cause investment demand to fall demand for jewelry to rebound. December futures for gold delivery rose $4.90 (0.5 percent) to $944.10 per ounce by 11:43 on the Comex division of the New York Mercantile Exchange.
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