{"id":120695,"date":"2023-03-23T18:14:14","date_gmt":"2023-03-23T18:14:14","guid":{"rendered":"https:\/\/fdcng.com\/?p=120695"},"modified":"2023-03-23T18:14:14","modified_gmt":"2023-03-23T18:14:14","slug":"fdc-commodity-update-march-23-2023","status":"publish","type":"post","link":"https:\/\/fdcng.com\/fdc-commodity-update-march-23-2023\/","title":{"rendered":"FDC COMMODITY UPDATE &#8211; MARCH 23, 2023"},"content":{"rendered":"<p>[vc_row][vc_column]<div class=\"gem-button-container gem-button-position-inline\"><a class=\"gem-button gem-button-size-small gem-button-style-flat gem-button-text-weight-normal\" style=\"border-radius: 3px;background-color: #ddbd89;color: #ffffff;\" onmouseleave=\"this.style.backgroundColor='#ddbd89';this.style.color='#ffffff';\" onmouseenter=\"this.style.backgroundColor='#ddccaa';this.style.color='#000000';\" href=\"https:\/\/fdcng.com\/wp-content\/uploads\/2023\/03\/Commodities-Update-March-23-2023.pdf\" target=\"_blank\">DOWNLOAD PDF<\/a><\/div> [\/vc_column][\/vc_row][vc_row][vc_column][vc_column_text]Dear Subscriber,<\/p>\n<p><strong><em>Oil prices gain despite hike in Fed rate<\/em><\/strong><\/p>\n<p>Brent price (Bonny light) rose to approximately $77.18pb due to a favourable US job data report, which offset recessionary fears, as the US Fed hiked interest rates further. We expect a bearish outlook for oil prices in the near term, in light of the unexpected build in US crude inventories and the uncertainty surrounding the OPEC+ meeting scheduled to hold on April 3rd, 2023.<\/p>\n<p><strong><em>Bank of England (BOE) and US Fed maintain tight monetary stance<\/em><\/strong><\/p>\n<p>The Bank of England raised its key policy rate by 25bps to 4.25%p.a. in March 2023 alongside the US Fed which did the same. The BOE was responding to inflation data of 10.4% the highest level in 14 years. This could spur investor demand for safe assets such as gold and weigh on the demand for oil. However, we expect a slow and modest rate hike in the near term as the central banks aim to tame inflation and maintain financial stability.<\/p>\n<p><strong><em>Domestic cocoa season set to improve<\/em><\/strong><\/p>\n<p>Rainfall is expected to boost domestic production for Nigeria\u2019s midcrop cocoa 2022-2023 season. The rise cocoa output could bolster export earnings, government revenue and farmer\u2019s income. Nigeria still expects to trade 240,000 tonnes in the 2023-2024 season.<\/p>\n<p>The download gives a snapshot of the discussion in the commodities segment of the Business Morning Programme on Channels TV.<\/p>\n<p>Enjoy your read![\/vc_column_text][\/vc_column][\/vc_row]<\/p>\n","protected":false},"excerpt":{"rendered":"<p>[vc_row][vc_column][\/vc_column][\/vc_row][vc_row][vc_column][vc_column_text]Dear Subscriber, Oil prices gain despite hike in Fed rate Brent price (Bonny light) rose to approximately $77.18pb due to&#8230;<\/p>\n","protected":false},"author":7,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[18,110],"tags":[],"_links":{"self":[{"href":"https:\/\/fdcng.com\/wp-json\/wp\/v2\/posts\/120695"}],"collection":[{"href":"https:\/\/fdcng.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/fdcng.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/fdcng.com\/wp-json\/wp\/v2\/users\/7"}],"replies":[{"embeddable":true,"href":"https:\/\/fdcng.com\/wp-json\/wp\/v2\/comments?post=120695"}],"version-history":[{"count":1,"href":"https:\/\/fdcng.com\/wp-json\/wp\/v2\/posts\/120695\/revisions"}],"predecessor-version":[{"id":120696,"href":"https:\/\/fdcng.com\/wp-json\/wp\/v2\/posts\/120695\/revisions\/120696"}],"wp:attachment":[{"href":"https:\/\/fdcng.com\/wp-json\/wp\/v2\/media?parent=120695"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/fdcng.com\/wp-json\/wp\/v2\/categories?post=120695"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/fdcng.com\/wp-json\/wp\/v2\/tags?post=120695"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
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