12042016Sun
Last update: Sun, 04 Dec 2016 07pm

Middle East & Africa

Markets - Commodities - Middle East & Africa

Congo copper output up 0.6pc in Q3, annual production down KINSHASA: Copper output in Democratic Republic of Congo, Africa's top producer, hit 268,393 tonnes in the third quarter of 2016, a 0.6 percent increase over the same period last year, the central bank said on Monday. However, total output of 734,643 tonnes for the first three quarters was still down nearly 10 percent compared with 2015, the bank said in a monthly report, due to low prices that led some mines to suspend production.Production of cobalt, the metal used in lithium-ion batteries and of which Congo is the world's leading producer, slipped 0.8 percent to 21,493 tonnes in the third quarter and is down 9 percent so far this year, the bank said.Benchmark copper on the London Metal Exchange lost 25 percent of its value in 2015 but has recovered most of those losses this year, closing trading last Friday at $5,879. The price is still sharply off record highs ...

Markets - Commodities - Middle East & Africa

Uganda cocoa output to rise 15pc in three years KAMPALA: Uganda's cocoa production is likely to increase by 15 percent over the next three years, boosted by additional maturing trees in the country's western region, a leading industry executive said on Friday. Uganda is best known as a coffee producer, ranking as Africa's biggest exporter, but it is keen to boost output from other cash crops such as cocoa to boost foreign exchange income. Cocoa output experienced a steady climb from 5,000 tonnes in ...

Markets - Commodities - Middle East & Africa

Zambia copper concentrate duty to disrupt global copper supplies MELBOURNE: A plan by Zambia to put a duty on copper concentrates imports could put a kink in the global supply chain for the metal, industry sources said, by forcing neighbouring Democratic Republic of Congo (DRC) to send surplus mine output elsewhere. The 7.5 percent duty announced earlier this month and due to come into force at the start of 2017, is likely to disrupt supply of refined metal in the early part of the ...

Markets - Commodities - Middle East & Africa

Kenya coffee earnings jump 7.4pc in 2015/16 NAIROBI: Kenya earned 18.8 billion shillings ($184.68 million) from coffee exports in the 2015/16 (Oct-Sept) crop year, up 7.4 percent from the previous year, regulator Coffee Directorate said on Friday. The earnings fell short of the government's target of 20 billion shillings, but they were within the annual average of 18 billion shillings over the past 10 years.Kenya is a small coffee producer, accounting for just 1 percent of the world's annual crop, but roasters ...

Markets - Commodities - Middle East & Africa

Zimbabwe's gold, platinum output rise in first 9 months of 2016 HARARE: Zimbabwe recorded a 14 percent rise in gold production and a 20 percent rise in platinum output during the first nine months of this year despite weak commodity prices and cash shortages, the mining chamber said on Wednesday. Gold output totalled 16.2 tonnes between January to September, compared with 14.2 tonnes in the same period a year ago, while platinum production totalled 10.8 tonnes compared with 9 tonnes, Chamber of Mines Chief Executive Isaac ...

Markets - Commodities - Middle East & Africa

Egypt removes white sugar import tariffs until May 30 CAIRO: Egypt removed a 20 percent import tariff on white sugar imports effective Nov. 10 to May 30, a prime minister decree published in the country's official gazette said on Thursday. The tariff has impeded private importers securing supplies and has contributed to Egypt's sugar shortage crisis. Egypt's supply minister on Nov. 3 announced the tariff would be slashed but traders have waited for an official decree to confirm the change. Copyright Reuters, 2016 ...

Markets - Commodities - Middle East & Africa

Ivory Coast allows cocoa exporters to roll over 2015/16 contracts ABIDJAN: Ivory Coast will allow cocoa exporters to roll over last season's unexecuted export contracts into the current 2016/17 season, according to a document from the marketing board, the Coffee and Cocoa Council (CCC), seen by Reuters. Exporters said the measure was intended to help companies avoid defaulting on contracts and could involve between 60,000 and 120,000 tonnes of beans. The world's top cocoa grower sells forward the bulk of its anticipated crop and uses ...