Javier Blas
Bloomberg -
Iran is ready to return to the global commodities market, flooding it with fresh supplies and risking a slump in prices.
Oil? Possibly, but there’s a second industry that could be even more
disrupted by a nuclear pact between Iran and the west: pistachio nuts.
Iran has far more clout in the market for cocktail nibbles than it
does in crude trading. While it ranks only as the world’s
seventh-largest oil producer, the Middle Eastern country vies with the
U.S. to be the biggest pistachio grower.
As with oil, Iranian sales of pistachios to the U.S. and Europe have
been hampered by sanctions. As the talks between Washington and Tehran
to resolve the decade-long nuclear dispute head toward the June 30
deadline for a final agreement, traders are predicting lower prices.
“The new supply will have an impact,” said Hakan Bahceci, chief
executive officer of Hakan Agro DMCC, a grain, nuts and pulses trading
house based in Dubai.
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