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A South African High Court in Port Elizabeth opened an exclusive bid auction for a 55,000-tonne Moroccan phosphate cargo detained in May 2017 after a pro-Polisario ruling. The court ruled that OCP does not own the phosphate and cannot sell it to New Zealand's Ballance Agri-Nutrients.
The auction runs 30 days from March 19 with a starting bid of about $1 million.
The cargo is small relative to global phosphate trade and is unlikely to move prices materially, though legal disruption to Western Sahara phosphate flows adds some supply uncertainty.
moroccoworldnews.comSafaa KasraouiMar 20, 2018Not enough comparable past events yet for a historical read.
After 126 past geopolitics events, DAP moved a median 0.0% over 5 sessions (48% higher; middle half -0.7% to +1.2%), and +0.2% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
