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From Caviar to Cardboard Cutouts, Businesses Hope for Coronation Boost

Royal enthusiasts hold images of Britain's King Charles III and Camilla, Queen Consort as they camp along the Mall, ahead of their coronation, in London, Sunday, April 30, 2023. (AP)
Royal enthusiasts hold images of Britain's King Charles III and Camilla, Queen Consort as they camp along the Mall, ahead of their coronation, in London, Sunday, April 30, 2023. (AP)
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From Caviar to Cardboard Cutouts, Businesses Hope for Coronation Boost

Royal enthusiasts hold images of Britain's King Charles III and Camilla, Queen Consort as they camp along the Mall, ahead of their coronation, in London, Sunday, April 30, 2023. (AP)
Royal enthusiasts hold images of Britain's King Charles III and Camilla, Queen Consort as they camp along the Mall, ahead of their coronation, in London, Sunday, April 30, 2023. (AP)

Businesses are seeking to entice royal fans with a slew of products marking the coronation of Britain's new monarch. Mugs, plates, tea towels, magnets, cushions and teddy bears are staple memorabilia for royal occasions and an array of these to mark King Charles' coronation on May 6 are already filling shop windows.

But some retailers are hoping more niche products will also catch the eye of consumers.

Toy brand Matchbox is selling made-to-order 1:64 scale models of the gold state coach, a fixture in royal coronations, while the card game Top Trumps has a new "Kings & Queens" version. Others are selling coronation varieties of the games pass the parcel, bingo and charades.

Biscuit maker McVitie’s has a limited-edition tin that pays homage to Charles and his wife Camilla's love of nature as well as the monarch's watercolor painting hobby, while numerous labels and supermarkets are marketing teas or sparkling wines.

Brand Caviar House & Prunier has a limited edition tin adorned with the Union Jack and the words "His Majesty's Caviar", while Premier Foods has celebratory packaging for products including Bisto gravy granules and Ambrosia custard.

Supermarkets have dedicated online pages for products and decorations for coronation parties - and the demand is there.

John Lewis Partnership, the owner of the eponymous department stores and supermarket chain Waitrose, said last week searches for coronation products on its website had risen more than 262% on the previous week.

Catalogue retailer Argos says one particular piece is faring well among shoppers - a cardboard cut-out of Charles.

“Our royal family selection of cardboard cut-outs have always been a favorite of our customers, with King Charles proving himself to be a top seller," an Argos spokesperson said.

"Even ('Frozen' character) Queen Elsa can’t compete in the run up to the celebrations."

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Business

Oil Prices Steady as Markets Weigh Demand against US Inventories

FILE - Pump jacks extract oil from beneath the ground in North Dakota, May 19, 2021. (AP Photo/Matthew Brown, File)
FILE - Pump jacks extract oil from beneath the ground in North Dakota, May 19, 2021. (AP Photo/Matthew Brown, File)
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Oil Prices Steady as Markets Weigh Demand against US Inventories

FILE - Pump jacks extract oil from beneath the ground in North Dakota, May 19, 2021. (AP Photo/Matthew Brown, File)
FILE - Pump jacks extract oil from beneath the ground in North Dakota, May 19, 2021. (AP Photo/Matthew Brown, File)

Oil prices were little changed on Thursday as investors weighed firm winter fuel demand expectations against large US fuel inventories and macroeconomic concerns.

Brent crude futures were down 3 cents at $76.13 a barrel by 1003 GMT. US West Texas Intermediate crude futures dipped 10 cents to $73.22.

Both benchmarks fell more than 1% on Wednesday as a stronger dollar and a bigger than expected rise in US fuel stockpiles pressured prices.

"The oil market is still grappling with opposite forces - seasonal demand to support the bulls and macro data that supports a stronger US dollar in the medium term ... that can put a ceiling to prevent the bulls from advancing further," said OANDA senior market analyst Kelvin Wong.

JPMorgan analysts expect oil demand for January to expand by 1.4 million barrels per day (bpd) year on year to 101.4 million bpd, primarily driven by increased use of heating fuels in the Northern Hemisphere.

"Global oil demand is expected to remain strong throughout January, fuelled by colder than normal winter conditions that are boosting heating fuel consumption, as well as an earlier onset of travel activities in China for the Lunar New Year holidays," the analysts said.

The market structure in Brent futures is also indicating that traders are becoming more concerned about supply tightening at the same time demand is increasing.

The premium of the front-month Brent contract over the six-month contract reached its widest since August on Wednesday. A widening of this backwardation, when futures for prompt delivery are higher than for later delivery, typically indicates that supply is declining or demand is increasing.

Nevertheless, official Energy Information Administration (EIA) data showed rising gasoline and distillates stockpiles in the United States last week.

The dollar strengthened further on Thursday, underpinned by rising Treasury yields ahead of US President-elect Donald Trump's entrance into the White House on Jan. 20.

Looking ahead, WTI crude oil is expected to oscillate within a range of $67.55 to $77.95 into February as the market awaits more clarity on Trump's administration policies and fresh fiscal stimulus measures out of China, OANDA's Wong said.