Cocoa recovered some of its previous week’s losses, as favourable climatic conditions in top grower Cote d’Ivoire appear to have faded.
With less rains recorded in recent times in Cote d’Ivoire, the availability of the soft crop on the international commodities market was suppressed.
Cocoa thus advanced by US$79.50 to close the trading week at US$2,119 per metric tonne.
However, Coffee declined, as signs of a bumper harvest in top growers Brazil and Vietnam forced market participants to roll out of the September contract into the December contract.
Brent crude also trimmed as investors worried that ongoing global trade disputes are likely to halt economic activities, thereby reducing the demand for energy commodities.
Analysts, the US dollar, which appears to be the sole gainer from the ongoing uncertainties, was likely to make the commodity relatively expensive for non-dollar holders, as a result reducing its demand.
Brent crude oil thus dropped by 35 cents to settle at US$72.86 per barrel.
Gold dipped after the week’s trading, despite a strong rebound on the last trading session of the week.
Last-minute gains of the yellow metal, on the back of investors’ risk aversion towards the unceasing attempt by the US President in imposing tariffs on advanced and emerging countries, failed to fully cancel losses.
Gold thus lost US$4.80 to trade at US$1,219.50 per ounce.
The week’s auction ended with the yield on the 91-Day T-Bill trimming by a basis point to 13.30 per cent.
The yield on the 182-Day T-Bill, on the other hand, rose by four basis points to settle at 13.86 per cent.
However, interest rates on other treasury securities remained the same.
The government accepted all the GH¢456.75 million bids tendered at the week’s auction. That fell below the intended target of GH¢528 million, with the 91-Day T-Bill dominating the government’s purchase with 83.95 per cent share.
Copyright © 2019 Ghanalive.TV. All Rights Reserved.