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Domestic Price Of Palm Oil Declined By 25% In 12 Months To N12,000 - Business - Nairaland

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Domestic Price Of Palm Oil Declined By 25% In 12 Months To N12,000 by froz(m): 7:41am On Oct 14, 2017
In the global markets, Brent slipped to $56.34pb due to concerns that rising U.S production will offset OPEC’s efforts at maintaining market stability.

Nigeria is the world’s 5th largest palm oil producer accounting for only 2% of production. With 990,000 tonnes, aggregate supply is far below demand of 1.56million tonnes.

Oil palm producers and processors are making super normal profits and their share prices are sky rocketing. Domestic price of palm oil has declined by 25% in 12 months to N12,000 (25 ltr).

The retail price of cement is up 8% to N2,700. This is not unusual because at this time of the year, the demand for cement surges due to increased real estate activity. In addition, the FGN’s increased capex of N2.2trn in 2017 means more civil works and construction.

In the global markets, Brent oil gained marginally to $56.75 due to OPEC’s bullish stance on tighter market rebalancing in 2018.

Attached is a synopsis of the commodity markets for the week

Burning Economic Issues

Oil price down 1.07% to $56.34pb· Cement price jumps 8% to N2700

· IMF warns against excessive foreign borrowing

· Naira flat at N363/$ and N475/£

· Diesel retail price rises to N200/ltr

Economic News
The Good

OPEC’s determined to curb excess supplies

The Bad

High diesel price will stoke inflationCement price up to N2,700 per bag

Power Generation analysis & Impact


October 8th: Average power output sent was 3486MWh/hour (up 312MWh/h)

Gas constraint was 302.4MW; frequency management constraint due to loss of DisCo feeders was 2169.6MW·  Estimated loss: N1.187bn (annualised at N433.25bn /$1.21bn)

·  DisCos’ inability to pick load is the largest constraint to improved service delivery

Domestic Commodity Prices Movement





Stock Market
·        NSE ASI 0.22% to 36,732.24pts

·        Consumer goods sub index 0.61% to 933.24pts



Oil Prices
·        Brent crude 1.07% to $56.34pb

·        EIA reported a 2.8mb drawdown in U.S. crude Inventories

·        Refineries in Texas recover from hurricane-related shutdowns

·        De facto OPEC leader – Saudi Arabia determined to reduce monthly crude exports

·        On expectations that market rebalancing is underway

Oil Markets Today




Outlook – Oil Prices
·        Oil prices expected to maintain upward trend

·        Supply & demand gap is expected to narrow further in coming months

·        Amid a surge in global demand growth

·     OPEC’s Secretary-General seeks U.S. shale producers cooperation to help cut excess global supplies

Outlook – Agric Prices

Grains 

Markets await the release of the USDA crop report·        Prices expected to trade lower on forecasts of rising inventories and weak demand

Soft
Sugar

Demand from bulk consumers will drive price movement

Cocoa

Prices will trade slightly higher due to lower than expected cocoa deliveries in Ivory Coast

SOURCE: https://brandspurng.com/domestic-price-of-palm-oil-declined-by-25-in-12-months-to-n12000-25-liters/

3 Likes

Re: Domestic Price Of Palm Oil Declined By 25% In 12 Months To N12,000 by froz(m): 7:42am On Oct 14, 2017
More....

1 Like

Re: Domestic Price Of Palm Oil Declined By 25% In 12 Months To N12,000 by HungerBAD: 7:44am On Oct 14, 2017
Ok
Re: Domestic Price Of Palm Oil Declined By 25% In 12 Months To N12,000 by Officialkplus(m): 7:48am On Oct 14, 2017
na for paper the thing dey reduced jare

1 Like

Re: Domestic Price Of Palm Oil Declined By 25% In 12 Months To N12,000 by Nobody: 7:29am On Oct 15, 2017
No be for paper o.

2 Likes

Re: Domestic Price Of Palm Oil Declined By 25% In 12 Months To N12,000 by aboladejohnny(m): 8:02am On Oct 15, 2017
make e even decline by 50% wetin I no be say BUHARI dey pack comot for 2019

22 Likes 1 Share

Re: Domestic Price Of Palm Oil Declined By 25% In 12 Months To N12,000 by tobidipity(m): 8:02am On Oct 15, 2017
OK
Re: Domestic Price Of Palm Oil Declined By 25% In 12 Months To N12,000 by stobery(m): 8:03am On Oct 15, 2017
No be for paper na for pencil?
Re: Domestic Price Of Palm Oil Declined By 25% In 12 Months To N12,000 by BrutalJab: 8:04am On Oct 15, 2017
Mtcheew... It's normally like that.


APC shouldn't take it as an achievement

1 Like 1 Share

Re: Domestic Price Of Palm Oil Declined By 25% In 12 Months To N12,000 by freshboi88: 8:04am On Oct 15, 2017
Pple just be in their houses and be typing rubbish.....was surprised wen I priced a 4litre gallon of oil, both groundnut and palm oil.....my God it has so come down.

5 Likes 2 Shares

Re: Domestic Price Of Palm Oil Declined By 25% In 12 Months To N12,000 by SHOPPERS(m): 8:04am On Oct 15, 2017
That's Just a jumbo post without a reason why its so

1 Like

Re: Domestic Price Of Palm Oil Declined By 25% In 12 Months To N12,000 by ibkgab001: 8:07am On Oct 15, 2017
Agric I said is the way out

1 Like 2 Shares

Re: Domestic Price Of Palm Oil Declined By 25% In 12 Months To N12,000 by Olukat(m): 8:09am On Oct 15, 2017
It's this kind of statistics that mislead those in power!
Lagos it's just a state in Nigeria
Re: Domestic Price Of Palm Oil Declined By 25% In 12 Months To N12,000 by richeeyo(m): 8:12am On Oct 15, 2017
When petroleum prices drops then that's a news
Re: Domestic Price Of Palm Oil Declined By 25% In 12 Months To N12,000 by Misterdhee1(m): 8:15am On Oct 15, 2017
aboladejohnny:
make e decline reach 2%. wetin I no be say BUHARI dey pack comot for 2019

LIKE if you agree
Stop talking like though na ur papa's backyard dem go decide who will become Nigeria's president in 2019. U go just give urself heartattack at the end of the day.

8 Likes 1 Share

Re: Domestic Price Of Palm Oil Declined By 25% In 12 Months To N12,000 by IMASTEX: 8:22am On Oct 15, 2017
Okay
Re: Domestic Price Of Palm Oil Declined By 25% In 12 Months To N12,000 by kay29000(m): 8:32am On Oct 15, 2017
Hmm! The title of the post makes it seem as if it is about Palm Oil alone.
Re: Domestic Price Of Palm Oil Declined By 25% In 12 Months To N12,000 by MrGreenMavro: 8:33am On Oct 15, 2017
How much be c.d?
Re: Domestic Price Of Palm Oil Declined By 25% In 12 Months To N12,000 by darkenkach(m): 8:34am On Oct 15, 2017
After storing palm oil worth a million naira cry cry
Re: Domestic Price Of Palm Oil Declined By 25% In 12 Months To N12,000 by kagari: 8:35am On Oct 15, 2017
Re: Domestic Price Of Palm Oil Declined By 25% In 12 Months To N12,000 by 9niceguy(m): 8:39am On Oct 15, 2017
pls ooo, don't fall the price now.... I have oil to sell o. I bought it 12k why would u now fall it. buhari, mind yasef o
Re: Domestic Price Of Palm Oil Declined By 25% In 12 Months To N12,000 by basty: 8:39am On Oct 15, 2017
Okay o
Re: Domestic Price Of Palm Oil Declined By 25% In 12 Months To N12,000 by Freetech: 8:43am On Oct 15, 2017
I love this. I'm a good news crew. I believe in Nigeria my Jerusalem, they that love her shall prosper.

Hit like if you agree.

6 Likes 2 Shares

Re: Domestic Price Of Palm Oil Declined By 25% In 12 Months To N12,000 by mr1759: 8:49am On Oct 15, 2017
fg are turning blind eye to activities of palm oil companies in Edo state, eg, okomu, presco, Afripalm etc who have palm oil that can go round Africa to make the price very cheap but instead they take 95 %of the product to Europe then make the product scarce here

1 Like

Re: Domestic Price Of Palm Oil Declined By 25% In 12 Months To N12,000 by agarawu23(m): 9:41am On Oct 15, 2017
Its now below 12k sef

1 Like 1 Share

Re: Domestic Price Of Palm Oil Declined By 25% In 12 Months To N12,000 by adioolayi(m): 11:09am On Oct 15, 2017
Garri sef don cheap...na only when food prices dey go up we dey make noise

2 Likes 1 Share

Re: Domestic Price Of Palm Oil Declined By 25% In 12 Months To N12,000 by donparosky(m): 11:17am On Oct 15, 2017
I have being a dealer in Palm Oil for years and with my experience I can boldly say the price will kick. it had started already down south in akwa ibom......
it's a usual trend, the only issue is that it won't be like last year, the best month to sale off ur oil is November, December and January.
I've posted those trends on my thread, check d biz section

3 Likes 2 Shares

Re: Domestic Price Of Palm Oil Declined By 25% In 12 Months To N12,000 by maasoap(m): 2:16pm On Oct 15, 2017
donparosky:
I have being a dealer in Palm Oil for years and with my experience I can boldly say the price will kick. it had started already down south in akwa ibom......
it's a usual trend, the only issue is that it won't be like last year, the best month to sale off ur oil is November, December and January.
I've posted those trends on my thread, check d biz section
Baba dey talk. I have few kegs of oil to sell when it is time to make little profit. Hope baba will help if his help needed at the time?

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