Monday, August 31, 2020 / 4:25 PM
/ Kainosedge Consulting for AFEX Commodities Exchange / Header Image Credit: AFEX Commodities Exchange
The AFEX Commodities Index composite experiences a slight decline by 2.89% for the week under review, this was a result of a negative performance of all the sub-indices during the week as compared to the previous week; Soybean declined by 6.66%, Maize by 1.09% and Paddy Rice by 0.01% on a W-o-W basis. Cocoa dropped by 1.47% while Sorghum and Ginger remained unchanged for the week as against the previous week closing the trading week at N157,670/MT, N137,670/MT and N199,100/MT for Maize, Soybean and Paddy Rice respectively.
Warehouse Managers are optimistic about the incoming harvest at the end of September as the rainfall this year was adequate for crop growth and farmers received inputs on time; this implies an expected increase in the volume of transactions come September.
In the Open Market, Cocoa maintained its price while all other commodities experienced an uptick.
The aggregate volume of trades executed on the Exchange in the week under review totaled 24.07MT with Soybean, Ginger and Cocoa accounting for 31.7%, 51.60% and 16.70% of all the traded volume respectively.