Pre-Trading Thoughts

Three-month non-deliverable forwards on the EGP slipped to EGP 22.90 against the USD on Monday, down from EGP 24.00. Local rebar prices are expected to stabilize till the end of the year despite the recent declines in iron ore prices. Oil prices plummeted more than 3% this week as global recession fears and weak oil demand, especially in China, outweighed support from a large cut to the OPEC+ supply target. Diesel and Fuel oil have been trading at a premium since last week due to the European...