Business & Tech News
Coffee Climbs to Record High
On Tuesday, the price for Arabica beans, which accounts for around 70% of global coffee bean production, breeched $3.44 a pound (0.45kg), having gained more than 80% this year. The cost of Robusta beans, which makes up the rest of global production also hit a new high price in September. It comes as coffee traders expect crops for the season to be lower than 2023, affected by the world’s two largest producers, Brazil and Vietnam, who have been hit by bad weather and with coffee demand continuing to grow. There is now a significant chance of retail coffee prices spiking in 2025.
Gold Hits 2-week High
Gold climbed above $2,700 per ounce this morning (11 Dec), surging upwards for the third consecutive session to reach a two-week high, supported by changing policies from major central banks and increased demand for safe-haven assets. Traders are focused on upcoming US inflation data, which could solidify expectations of a third Federal Reserve rate cut next week. Such a move would lift gold’s appeal by reducing the cost of holding non-yielding assets. In addition, major central banks, including the European Central Bank, the Swis National Bank, and Bank of Canada, are expected to lower rates this week. The metal also gained momentum after the Peoples Bank of China, resumed gold purchases following a six-month pause. Increasing geopolitical tensions in the Middle East, driven by the Syrian regime’s collapse and ongoing Israeli airstrikes, continued to enhance gold’s appeal as a safe haven.
Google Shareholders Reject Bitcoin Bid
Microsoft shareholders voted against a ballot proposal to include Bitcoin on its balance sheet, that was submitted by the National Centre for Public Policy Research. The think tank called for the tech company to evaluate the benefits of adding Bitcoin to its corporate balance sheet, arguing that the token is an “excellent” inflation hedge. The proposal, attached to Microsoft’s proxy statement, also indicated how bitcoin has outperformed corporate bonds, and is a promising way to diversify the firm’s treasury. The appeal by MicroStrategy’s cofounder Michael Saylor, also failed to persuade investors. The crypto currency specialist spoke on behalf of NCPPR’s proposal at the meeting, but failed to gain any traction
Market News
Markets: Indices in the US, all closed in the red yesterday with the NASDAQ closing down by -0,34%, the S&P 500 was down by -0,3% and the Dow Jones closing down by -0,35%.
Asian markets this morning have been trending upwards for the second day, with the Nikkei currently down by 0,16% and is at 39306.07 currently, while the Hang Seng is down by -0,5% and is at 20311.28 currently.
Currencies: The US Dollar is currently trading fairly flat, and is at 1.053 against the Euro, at 1,276 against the Pound, and at 151.94 against the Yen. The Rand continued its gains against the Dollar yesterday and dropped below the R18.00 to the Dollar level, with the currency currently trading at R17.80 to the US dollar and may well see more strength today depending on the CPI data expected out later.
Commodities:
- Gold hit a 2-week high this morning and is currently at $2,694.79 per ounce
- Platinum prices are trending upwards and currently trading at $948.50 and with Palladium prices improving again today and at $978.50 currently
- Brent crude is currently trading upwards at $72.56 with WTI trading at $68.97 currently.
- Cocoa prices continue its 10-day price gain streak up 1,23% in early trade this morning and is trading at 8479 British pounds per ton currently
- Coffee prices have hit record- high prices and have gained 11% this morning in early trade today, and is currently trading at $3.47 per pound.
Crypto Currencies
- Bitcoin has gained in price this morning and is up by 0,93% and is currently trading at $97,545.0938
- Ether is up by 0,89% today and trading at $3,660.2190 currently
(All prices quoted at approximately 07H45 – Central African Time)
Other News in Africa Today
Lungu Loses Con-Court Case:
Former Zambian President Edgar Lungu, has had his application to stand for a third term in office, dismissed by the Zambian Constitutional Court. The court’s decision comes after Lungu announced his return to active politics in 2023. The country’s apex court determined that Lungu’s first term in office, served from 2015 to 2016 following the death of President Michael Sata, counts as a full presidential term. This ruling effectively blocks his bid for a new mandate. Lungu said in a statement that Tuesday’s (10 DEC) verdict was steered by “the hands of political manipulation.” Lungu, now 68, faced allegations of corruption while previously in office, and his wife and other family members are facing graft charges in court.
French Fighters Leave Chad:
Yesterday saw the French military begin its military force withdrawal from Chad when it flew out the two Mirage fighter jets they had stationed in Chad alongside ground troops. The former French colony last month, broke off its defence cooperation agreement with Paris. A pair of Mirage 2000-D fighters took off after midday from a French base in the capital, N’Djamena, returning to a French air force base in Nancy in eastern France. There are still 1000 French military personnel stationed in Chad and negotiations with Chadian authorities were continuing on how and when France might withdraw them. In announcing the end of the defence cooperation agreement with France last month, the Chadian government described the decision as a historic turning point for the country that gained independence in 1960, and said that it would enable Chad to redefine its strategic partnerships in line with national priorities.
