DMCC, the world’s leading Free Zone for commodities trade and enterprise in Dubai, and Richcomm Global Services, the Dubai-based international commodity services company, in collaboration with DGCX, welcomed industry experts today at Almas Tower for the fifth edition of the ‘Global Commodity Outlook Conference’.
The conference was attended by government representatives, industry experts and traders including Ahmed Bin Sulayem, Executive Chairman, DMCC; H.E. Nura Abba Rimi, Minister Plenipotentiary, Embassy of Nigeria; and Omar Khan, Director, International Offices, Dubai Chamber of Commerce to discuss the latest commodity trends and sectors, including energy, agriculture, base metals, and precious metals, as well as the macro-economic outlook for 2018 and the impact of crypto-currencies.
In his opening remarks, Omar Khan, Director of International Offices, Dubai Chamber of Commerce & Industry, said: “Our goal is to support the development of business and promote Dubai as an international business hub. Since 2012, we have been focused on emerging markets and we are among the few chambers in the world to have such a global presence, with four offices in Africa and now a presence in Sao Paulo, and Shanghai. We welcome over 250 delegations and go to over 60 destinations every year. We look forward to working with our partners, including DMCC and the many other free zones who work hard to keep you connected.”
Sanjeev Dutta, Executive Director, Commodities, DMCC added:
“I am delighted to see that so many industry professionals from a range of areas of activity have been able to join us here today. It is through events like these that we are able to further connect markets and identify new opportunities so we together can lead the next wave of growth. As a market maker for trade, at DMCC, we are naturally passionate about these topics as we do everything we can to lead and operate a global marketplace that enables businesses to succeed.”
Paresh Kotecha, Managing Director, Richcomm Global Services, commented: “We are thrilled to be hosting the fifth edition of the Global Commodities Outlook Conference in the presence of a distinguished list of panelists from around the globe. We have gathered industry experts in energy, agriculture, cryptocurrencies and base and precious metals to provide their deepest insights and discuss the latest trends in their respective sectors. Thank you for joining us today as none of this would have been possible without your support and encouragement.”
The keynote speeches were followed by a panel discussion on the global macro-economic outlook, moderated by Andrew Torchia, Chief Financial Correspondent at Thomson Reuters. The discussion focused on the current economic market volatility, described by the panel as a shortage of market event rather than an economic paradigm.
In the session dedicated to the energy sector outlook, the panellists debated the role of OPEC in crude supply, particularly given the widely-publicised cuts. There was overall agreement that OPEC is likely to maintain their current levels of production. On the 2018 outlook, an overall slow-down with a slight decline in prices by the end of the year was forecasted. Esa Ramasamy S&P Global Platts added: “Every barrel of oil is transformed into Dubai. Brent and Dubai are interlinked and it is difficult to separate the two.”
Agricultural panel experts included Vaughn Marles, DMCC, as moderator; James Wild, Director - Wild Agri DMCC; Erik Norland, Executive Director Economics of CME Group; Jonathan Grange, Grains Broker at Sunstone Brokers; and Sanjay Sethi, Director – Sustainability at Phoenix Global DMCC. The industry specialists discussed the regional price drivers for global grains and the implications of Chinese and India demands for edible oils as well as the impact of weather conditions.
DMCC’s own Franco Bosoni – Director of Innovation Hub, took the stage to discuss the rise of cryptocurrencies and the levels of global investment in this field. Bosoni also dived into the disruptive nature of FinTech and how tech-focused start-ups are transforming the financial services industry today.
The conference concluded the conversation with panellists presenting the 2018 outlook for base metals and precious metals. Key spokespeople explored the electric car revolution its implication on copper, aluminium, lead and zinc pricing. Speakers from the precious metals industry also explored the latest trends in gold, its value, and how ethical investors are shaping the future of the industry.