Commodity 30-Day Price Chart Commodity Prices Commodity Developments

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1,370 1,360 1,350 1,340 1,330 1,320 1,310 Gold Prices US$/oz Daily US$/oz WoW % 22-Jul-16 1,321 25-Jul-16 1,313 26-Jul-16 1,323 27-Jul-16 1,329 28-Jul-16 1,342 29-Jul-16 1,342 1.61 Gold rose to its highest level in nearly 3 weeks after much slower-thanexpected US economic growth weighed on the dollar and the metal registered a 2 nd monthly gain in a row. Uncertainty over the path of interest rates in the US, which is depended on US data has held gold in check since it rallied to more than 2-year highs in the wake of Britain's shock vote last month to leave the European Union (EU). Acacia Mining profit in the H1:16 have soared as gold prices and sales surged while operating costs fell. The gold mining company, which operates 3 mines in Tanzania, said in a statement that its earnings before interest, tax, depreciation and amortisation for the 6 months to 30 Jun-16 rose by 91% to US$184.9m, helped by lower costs and higher gold sales. 1,160 1,140 1,120 1,100 1,080 1,060 1,040 Platinum Prices US$/oz Daily US$/oz WoW % 22-Jul-16 1,098 25-Jul-16 1,079 26-Jul-16 1,090 27-Jul-16 1,098 28-Jul-16 1,160 29-Jul-16 1,138 3.64 In Zim, Caledonia Mining announced a 67% increase in mineable resource at its Blanket mine following successful exploration activities. In the platinum sector, SA s Impala Platinum (Implats) has extended the tenure and amount of its existing debt facilities from certain local banking institutions in order to further strengthen its balance sheet. Implats amended ZAR3.25bn (US$225m) of its existing debt facilities, which was previously available until Dec-17, to a revised ZAR4bn available until 2021. The miner raised ZAR4bn (US$254m) in 2015 to develop two of its most important shafts while closing other projects and cutting jobs due to tough market conditions. 1,020 Implats has its operations in SA and Zimbabwe, the 1 st and 2 nd largest producers of platinum in the world.

5,000 4,950 4,900 4,850 4,800 Copper Price US$/t 22-Jul-16 4,956 25-Jul-16 4,920 26-Jul-16 4,862 27-Jul-16 4,870 28-Jul-16 4,862 29-Jul-16 4,853-2.08 A lower dollar after the US central bank left rates unchanged and some expectations of steady demand in top consumer China failed to boost the price of copper. The metal used widely in power and construction ended the week lower pressured down by ample supplies and weak global real economic activity. Demand for copper in China, which accounts for nearly 50% of global consumption estimated at around 22m tonnes this year, has fallen sharply in recent years as growth and investment spending has slowed. 4,750 4,700 This has caused fiscus and monetary problems in DRC and Zambia, copper producing majors in Africa, which are looking to IMF for assistance. 4,650 However, in Zambia, the country may conclude the IMF deal after general elections scheduled for the 11 th of Aug-16. 1,700 1,680 1,660 1,640 1,620 1,600 1,580 Aluminium Prices US$/t 22-Jul-16 1,600 25-Jul-16 1,601 26-Jul-16 1,591 27-Jul-16 1,584 28-Jul-16 1,598 29-Jul-16 1,616 1.00 Aluminium which sank to its lowest in 6 weeks on the 27 th of Jul, on persistent worries about oversupply from Chinese smelters slightly recovered on consumer buying. The consumption side in aluminium is expected though to remain depressed in H2:16 whilst the supply of Chinese aluminium is seen to be picking up. Smelter restarts in China are expected to be around a quarter of the previously announced shutdowns due to the price recovery. Generally, the new capacity coming on line will add more output on the already depressed market.

10,700 10,400 10,100 9,800 9,500 Nickel Prices US$/t 22-Jul-16 10,655 25-Jul-16 10,440 26-Jul-16 10,315 27-Jul-16 10,360 28-Jul-16 10,535 29-Jul-16 10,445-1.97 Nickel fell on as trader reversed bets on higher prices and the market fretted about whether the recent rally based on worries about supplies from the Philippines had been overdone. Worries about ore supplies from the Philippines have been fuelled by an audit of mines being carried out by the new Gvt, which has vowed to shut operations causing environmental harm. The Philippine minister in charge of mining has already suspended operations of 7 domestic mines for failure to meet environmental regulations. Demand from China has been also depressed resulting in high stock overhang in the nickel market. China is the world's largest consumer of industrial metals. 52.0 50.0 48.0 46.0 44.0 42.0 Oil Brent prices US$/bbl Daily US$/bbl WoW % 22-Jul-16 45.69 25-Jul-16 44.72 26-Jul-16 44.87 27-Jul-16 43.47 28-Jul-16 42.70 29-Jul-16 43.53-4.73 Oil prices dropped to Apr-16 lows and registered its biggest monthly loss in a year, on growing worries that the world is pumping more crude than needed. Surplus barrels of gasoline already have made the glut developing in oil this year more worrisome to some than the crude oversupply of the past two years that had halved prices. Oil companies have also reported lower earnings lately, hit by weak refining margins. Energy major Royal Dutch Shell reported a more than 70% fall in quarterly profit, well below analysts' estimates. Rivals BP and Statoil have also reported worse-than-expected Q2:16 results.

Foreign Exchange Markets USD to: BWP NGN MZN RWF TZS ZMW ZAR EUR/USD GBP/USD Wk Ending 22-Jul-16 10.71 300 67.5 791 2,190 9.32 14.22 1.103 1.322 Daily 25-Jul-16 10.79 310 67.0 791 2,191 9.32 14.31 1.098 1.314 26-Jul-16 10.75 312 67.7 791 2,190 9.53 14.38 1.101 1.309 27-Jul-16 10.79 316 68.0 792 2,189 9.78 14.29 1.100 1.313 28-Jul-16 10.71 311 68.3 793 2,190 10.04 14.21 1.111 1.321 29-Jul-16 10.68 313 69.2 793 2,190 10.23 14.15 1.109 1.318 WoW % -0.2 4.3 2.5 0.3 0.0 9.8-0.5 0.5-0.3 YTD % -4.9 59.0 53.8 6.1 1.4-6.8-9.1 1.6-11.2 ZAR/BWP ZAR/MZN ZAR/ZMW ZAR/RWF ZAR/TZS Wk Ending 22-Jul-16 0.756 4.75 0.652 55.6 153 Daily 25-Jul-16 0.752 4.68 0.652 55.4 153 26-Jul-16 0.752 4.70 0.664 55.2 153 27-Jul-16 0.751 4.70 0.679 55.2 153 28-Jul-16 0.753 4.88 0.702 55.6 153 29-Jul-16 0.754 4.95 0.719 56.1 154 WoW % -0.1 4.2 10.3 0.9 0.5 YTD % 4.3 71.9 2.0 16.7 9.9 Exchange Rate Developments The Nigerian naira which depreciated against the USD is expected to continue to weaken on limited dollar supply as foreign investors stay on the side-lines until the economy shows signs of recovering from the impact of currency controls. The naira hit an all-time low of 316 per USD on the 27 th of Jul, a day after the central bank hiked interest rates to try to lure foreign investors back into local assets. Investors seem to be pushing the currency lower to test the limit of how far it can fall, given a spread of almost 12% between the official and black market NGN rates. SA s rand raced to a more than 8-month high against the USD on the 29 th of Jun, breaching the 14 mark during trading sessions for the 1 st time since Nov-15 partly due to data showing the 2 nd straight monthly trade surplus in Jun-16. The BWP followed the ZAR strength and will continue to perform in line with the ZAR. The Tanzanian shilling is seen buoyed by sagging dollar demand and increased inflows from large companies in tourism and agriculture sectors. Zambia s kwacha which was grossly affected by USD scarcity is expected to remain under pressure against the dollar as foreign exchange inflows remain depressed. In Mozambique, the Gvt hired Lazard Ltd. as a financial adviser to help assess its foreign debt as it struggles to service borrowings by state-owned companies. The country s debt situation has grossly affected the MZN which has depreciated 53.8% YTD against the USD. Disclaimer The information contained herein has been prepared by BancABC on behalf of itself and its affiliated companies solely for information purposes for BancABC clients. Whilst reasonable care has been taken in the preparation of the report to ensure that the information contained herein is not untrue or misleading however, BancABC makes no representation as to its accuracy or completeness thereof and accepts no liability whatsoever for any errors or omissions contained therein, or prejudice occasioned from use of the said information. Contact telephone numbers: 369701-16; 752383-5

ECOWAS (1975) ECCAS (1983) AMU (1989) 15 member states Population 319m GDP US$396bn 10 member states Population 142m GDP US$224bn 5 member states Population 92m GDP US$414bn SADC (1992) COMESA (1993) IGAD (1996) 15 member states Population 287m GDP US$648bn 20 member states Population 469m GDP US$ 588bn 8 member states Population 236m GDP US$175bn CEN-SAD (1998) EAC (1999) Other - SACU (1965) 24 member states Population 551m GDP US$ 974bn 5 member states Population 149m GDP US$98bn Oldest customs union in the world. Share customs revenue There are several regional economic communities (RECs) in Africa. The RECs aim to promote inter-country trade by removing trade barriers as well as create large markets that are attractive to investors.