Monday, August 17, 2020 / 3:25 PM
/ Kainosedge Consulting for AFEX Commodities Exchange / Header Image Credit: AFEX Commodities Exchange
The AFEX Commodities Index Composite dropped slightly indicating the third week of marginal price movement. With anticipation of the new harvest season, the frequency of trade on the Exchange dropped, as farmers are out of stock and warehouses are clearing up storage space in preparation for the new harvest season. Low trade volume often signal the waiting period between commodity cultivation and harvest.
The AFEX Commodities Index composite experienced a rebound in market activity, averaging 262.97points in the week under review. The index performance fell by 0.41% W-on-W primarily due to the negative market performance in the maize and paddy sub-indices of the exchange against the previous week performance.
On the Exchange, maize and paddy rice dropped by 0.10% and 4.85% to close the trading week at &172,500/MT and $9192,795/MT. Sorghum, Soybean and Ginger however maintained their price levels in the week under review, while Cocoa dropped by 0.73%
In the Open Market, Soybean dropped slightly, 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 138.98MT with maize and paddy rice accounting for all the traded volume.