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A South African court ordered a trial to settle ownership of a 55,000 tonne Western Sahara phosphate rock cargo on the NM Cherry Blossom, which has been detained in Port Elizabeth for weeks. Ballance must choose between offloading the rock or posting a NZ$7 million bond, with detention costs at $14,000 a day.
The legal detention disrupts phosphate rock sourcing for New Zealand and adds logistics costs, though the impact on global prices is limited since Ballance has contingency supply plans.
farmersweekly.co.nzNeal WallaceJun 18, 2017Not 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.
