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A South African High Court ruled that the Sahrawi Arab Democratic Republic owns a 55,000-tonne phosphate rock cargo detained in Port Elizabeth. The cargo, bound for New Zealand, is likely to be sold because returning it to Western Sahara is impractical.
The single cargo is small relative to global phosphate trade, so it has little effect on world supply or prices.
rnz.co.nzTe Reo Irirangi o AotearoaFeb 24, 2018Not enough comparable past events yet for a historical read.
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.
