CT=F -
| Pre. Settlement | N/A |
| Settlement Date | N/A |
| Open | N/A |
| Bid | 67.12 |
| Last Price | N/A |
| Day's Range | 65.76 - 66.01 |
| Volume | 2,746 |
| Ask | 67.13 |
- Bloomberg
Burkina Faso Seeks to Defend Gold Sector Against Militants
(Bloomberg) -- Sign up to our Next Africa newsletter and follow Bloomberg Africa on TwitterBurkina Faso is facing a challenge on how to protect its gold industry against a wave of jihadist violence that last month left scores of mining employees dead in a single attack.While every mine has security arrangements in place, with sites generally safe, there’s no easy solution to protect access roads, Minister of Mines and Quarries Oumarou Idani said in a phone interview Monday.“There are mines that have even built their own barracks and where we’ve sent security forces so those sites are secure,” Idani said. For access routes, “the security is linked to the overall security of the country. It is much more difficult.”At least 39 people were killed in an Islamist militant attack on a bus convoy that was heading for Semafo Inc.’s Boungou operation in eastern Burkina Faso. The Nov. 6 raid came as several West African countries battle a widening insurgency and at a time when gold producers and prospectors are pouring money into the region as prices rally.Prior to the attack, the government forecast gold output to reach 60 tons in 2019, up from almost 53 tons last year. Gold mining accounts for about 10% of gross domestic product in the nation that also produces cotton. Other gold operators include Iamgold Corp. and Endeavour Mining Corp.Perenti Global Ltd., whose African Mining Services unit is a contractor of Semafo, has withdrawn its employees from the Boungou site and will also stop supplying services at an operation of Nord Gold SE, according to a regulatory filing on Monday. AMS will continue to operate at three other sites which are located in a safer region in the center of the country, said Perenti.“We believe it necessary to act swiftly and decisively in the wake of the attack,” Perenti Managing Director Mark Norwell said in the statement. The company’s stock have lost more than 18% since the raid near Boungou.Burkina Faso will continue to attract investment because of the great potential of its gold resources, said Toussaint Bamouni, executive director of the Chamber of Mines.The incident near Boungou “isn’t yet a reason for investors to become discouraged,” said Bamouni. While security adds to operational costs, “investors who know the potential of the country still have confidence the state can curb the threat.”(Updates with names of operators in fifth paragraph.)\--With assistance from Leanne de Bassompierre, Liezel Hill and Max Zimmerman.To contact the reporter on this story: Simon Gongo in Ouagadougou at sgongo@bloomberg.netTo contact the editors responsible for this story: Andre Janse van Vuuren at ajansevanvuu@bloomberg.net, Pauline BaxFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
- FX Empire
Weekly Forecast: Cutton, Sugar, Rice and Orange Juice Futures
Cotton is traded in it’s lowest point in the last 5 weeks, what about Rice and Orange juice futures?
- Quartz
Clothing made by Chinese forced labor is likely being sold in the US
As much as 84% of Chinese cotton comes from the Xinjiang region, where it's processed by forced labor from Muslim minority groups before entering the global supply chain.
- Reuters
Indians pawning the family gold amid credit crunch
AURANGABAD/MUMBAI, India (Reuters) - Refused a loan by a state-run lender and desperate for funds to buy cotton seeds before the summer sowing season window closed, Indian farmer Babasaheb Mandlik ran out of choices - he pawned his wife's gold jewellery. Mandlik, who owns an 8-acre cotton farm in western India, pledged 70 grams of gold, almost all of his wife's precious trinkets, in June in return for 150,000 rupees ($2,105). The trend, which has prompted some lenders to impose restrictions as risks and borrowing costs rise, has been accelerated by record gold prices.
- Quartz
Adidas’ liquefiable sweatshirt shows how hard it is to recycle clothes
Sneaker giant Adidas and British designer Stella McCartney are teaming up to create a recyclable garment called “The Infinite hoodie.” The unisex sweatshirt, a collaboration with Seattle-based textile firm Evrnu, is one of the first 100% recyclable pieces of clothing made by a commercial brand. Only 50 of the sleek cream sweatshirts are being made, and while the hoodie is a step in the right direction—typical garment creation requires mind-boggling amounts of water, pesticides, and chemicals—it’s also a reminder that fashion has a long way to go to create truly sustainable clothing. Ideally, we’d be able to recycle cotton clothing into new material for new garments, but cotton recycling is technically challenging.
- Quartz
An investigation into how India dismantled its main defence against drought
“Normally this nala [stream] is full only during the monsoon,” said Chamariya, a woman in her 40s who lives in Sangvi village in Bhikangaon block and grows cotton and soyabean in its black loamy soils. “The gates help silt to flow out with the water,” said Radheshyam Patel, an agricultural engineer with Samaj Pragati Sahayog, the non-profit organisation that is helping the villagers build the dam. This makes gated dams crucial for water conservation.
- Reuters
India's 2018-19 grain output seen slightly lower: government
India's grains output is expected at 283.37 million tonnes in the crop year June 2019, marginally lower than a year earlier, a government statement said on Monday. India, a leading producer of an array of farm commodities such as rice, wheat, cotton and sugar, produced 285.01 million tonnes of grains in the 2017-18 crop year (July-June), the statement said. Rice output in India, the world's biggest producer of the staple, is expected at a record 115.63 million tonnes, up from 112.76 million in the previous year.
ReutersChina buys Indian cotton as prices at home jump: industry officials
Indian traders have signed contracts to ship 800,000 bales of cotton to China as demand surged from the world's biggest consumer of the fibre due to a rally in prices in China, industry officials told Reuters. The exports from the world's biggest cotton producer will help China in augmenting supplies, but could weigh on global prices. "Chinese buyers were very active in the market in last few days," said Atul Ganatra, president of the Cotton Association of India (CAI).
- Reuters
Singapore's Olam to invest $3.5 billion in growth areas; exit sugar, rubber
Singaporean commodity trader Olam International plans to invest $3.5 billion into key growth areas, such as edible nuts, coffee and cocoa, over the next few years, while exiting four existing businesses to raise funds. The agricultural commodity trader will double down on 12 prioritised businesses, which include spices, edible oils, cotton, dairy, grains and animal feed. "We will continue to invest in businesses where we have consistently performed, have market leading positions, clear differentiation, it is in line with the key consumer trends and there is significant potential for future growth," chief executive Sunny Verghese told a briefing.
ReutersSingapore's Olam to invest $3.5 billion in growth areas; exit sugar, rubber
Singaporean commodity trader Olam International plans to invest $3.5 billion into key growth areas, such as edible nuts, coffee and cocoa, over the next few years, while exiting four existing businesses to raise funds. The agricultural commodity trader will double down on 12 prioritised businesses, which include spices, edible oils, cotton, dairy, grains and animal feed. "We will continue to invest in businesses where we have consistently performed, have market leading positions, clear differentiation, it is in line with the key consumer trends and there is significant potential for future growth," chief executive Sunny Verghese told a briefing.
