Business & Tech News
Gold Boosted by Uncertainties:
Gold has been trading around the $2,990 per ounce mark this morning, hovering close to the $3000 mark it hit briefly last Friday. The ongoing boost in gold price is supported by strong safe-haven demand. Fresh geopolitical risks bolstered the yellow bullion prices after the U.S. stated it would continue strikes against Yemen’s Houthis until they stop attacks on shipping in the Red Sea. Additionally, concerns over an escalating trade war, fueled by exchanges of tariffs between the U.S. and its major trading partners, further strengthened gold’s safe-haven appeal.
Robust demand from ETFs and sustained central bank purchases also supported prices, with China’ central bank extending its gold acquisitions for a fourth consecutive month. Meanwhile, investors are looking towards a series of central bank policy meetings later this week, including the U.S. Federal Reserve’s decision. The Fed is anticipated to maintain current rates with ongoing uncertainty over US economic policies.
Data Centre Mega Investment in Thailand:
Thailand has approved a $2,7 billion data centres and cloud services investment, set to build the Asian nations AI capacity. The Thailand investment board announced the plans today which are aligned to boost the fast growing expanding tech sector in the country. The projects include data centres from China’s Beijing Haoyang Cloud&Data Technology, Singapore-based Empyrion Digital, and Thai company, GSA Data Center 02, it said. Beijing Haoyang’s plan in Thailand includes a 300 megawatt data centre, valued at $2,16 billion, while the Thai firm has proposed a 13.5 billion baht investment for a 35 MW data centre.
Cocoa Futures Plunge on Excess Crop News:
In a mixed bag of news for African cocoa producers, cocoa futures have hit a four-month low and are trading around the $7880 per ton level this morning. The price has been pressured by improved weather prospects in the key producing region of West Africa and with expectations of increased surplus forecast for this season. Farmers in key grower Ivory Coast said above-average rains mixed with long sunny spells last week across most of cocoa growing regions are expected to improve growing conditions and strengthen the development of the April-to-September mid-crop.
Additionally, the International Cocoa Organization is now projecting a supply surplus of 142,000 tons for the 2024/25 season. This follows three consecutive years of crop deficits, which had initially brought prices to a peak price of over $12400 per ton late last year. The latest data released, has revealed that ICE-monitored cocoa inventories held in US ports have rebounded and climbed to a 3-1/4 month high of 1,530,893 bags as of March 10. Cocoa future price has dropped by -23% in the past month.
Brent Oil Price Climbs Over China Growth Prospects
Brent crude oil futures rose by over 0,7& to above $71 per barrel this morning, extending price gains from the previous session, after top oil importer China promised new measures to boost consumption. Beijing on Sunday announced a stimulus plan yesterday with specific initiatives designed to revive consumption. These include raising salaries, and establishing a childcare subsidy scheme The price was also affected by U.S. military attacks on Yemen’s Houthis. Investors indicated concerns regarding potential oil supply disruptions after the U.S. vowed to keep hitting Houthis until shipping attacks in the Red Sea stop. Also supporting prices were diminishing prospects of a swift end to the Ukraine war that could bring back more Russian energy supplies to Western markets. U.S. President Trump and Russian President Putin are expected to speak this week as the U.S. tries to broker a ceasefire in the ongoing conflict.
Markets by Numbers
Currencies:
Currency markets are indicating the US Dollar is trading stronger today against the Euro, and currently at 1.08751 against the Euro, and is currently at 1.29372 against the Pound. The Yen is at 148.86 to the dollar currently. The rand has stabilized at around R18.20 against the Dollar, and is trading at R18.21 to the dollar currently.
Commodities:
- Gold prices have surged by 2,59% last week Friday week to break above the $3000 level, but has modulated slightly, and trading at $2984 currently.
- Copper is trading lower after spiking over 4,4% last week but fairly flat at 4.8664 currently.
- Silver is flat today, and at 33.739 currently.
- Platinum prices have maintained above the $1000 mark, and at $1010 currently, while Palladium prices are currently trading at $959.00
- Brent Crude Oil prices trading upwards at $71.10 currently, with WTI also trading slightly up at $67.68 currently.
- Cocoa futures are falling this morning, with prices currently at $7888 per ton.
- Coffee prices remain below the $400 mark, and at $381 currently.
Crypto Currencies:
- Bitcoin is currently trading upwards at $83 500.
- Ether prices remain below $2000 and currently trading at $1900
- $Trumpcoin currently trading at $11.42
(All prices quoted at approximately 10H00 – Central African Time)
Other News in Africa Today
DRC Talks Set for This Week:
Chair of the African Union, Angolan President João Lourenço, has called for an immediate ceasefire in the Democratic Republic of the Congo (DRC), in what has become one of the worst conflict areas in African currently. The Rwanda backed M23 Rebels, aided bu other rebel groups have invaded a large area of eastern DRC, leaving thousands killed or wounded and hundreds of thousands displaced. Lourenço urged all parties to enforce a cease-fire starting at midnight local time on Sunday, in an effort to create a peaceful atmosphere for upcoming peace talks.
The peace negotiations are set to take place in Luanda, Angola, this week, starting on March 18, where the DRC government and the M23 rebels will hopefully meet for the first time in three years. DRC President, Felix Tshisekedi, yesterday confirmed that he would be sending an official delegation. “At this stage, we can’t say who will make up the delegation,” presidency spokesperson Tina Salama said. M23 made a series of demands after the talks were announced, including asking Tshisekedi to publicly express his commitment to negotiate with them directly.
South African Ambassador Expelled from the USA:
South African Ambasador Ebrahim Rasool has been expelled from the US and will have his diplomatic immunity rescinded as of today and has been ordered to leave the US by no later than Friday this week. The Trump administration’s decision to expel the South African ambassador is its latest move against a country it has singled out for sanctions and accused it of being anti-American. U.S. Secretary of State Marco Rubio posted on X that Ambassador Ebrahim Rasool was “no longer welcome in our great country” citing that Rasool was “a race-baiting politician” who hates America and U.S. President Donald Trump. Rubio’s linked to a story by the conservative Breitbart news site.
The story reported on a talk Rasool gave Friday on a webinar where he said the Make America Great Again movement could be seen as being a response to “a supremacist instinct.”. Rassol posted a message on X that said he and his wife were packed and ready to leave the US on Sunday and stated “We leave the US with no regrets, It is what it is”.
