Monday, June 08, 2020 / 6:04 PM
/ Kainosedge Consulting for AFEX Commodities Exchange
The AFEX Commodities Index inched higher by 10.49% at the close of trading last week to settle at a season-high of 197.56 points. The rally in the index was stimulated as a result of increased demand for maize in the commodity markets as the price of maize rose by 19.91% to close at N122,631.45/MT in the week under review.
Sorghum and Cocoa also experienced slight gains in the week under review to close at $874,000/MT and 8916,000/MT.
Maximum price for Sorghum and Soy were discovered in Dawanau Market, Kano State, while Maize was in Jengre Market; Plateau State.
Minimum price for Sorghum was discovered in Potiskum Grains Market, Yobe state, while Maize & Soy were discovered in Garbachede Market, Taraba state.
In the open market, maize, sorghum and paddy rice experienced upticks in price while all other commodities except for soybean maintained their price levels from last week.
The aggregate volume of trades executed on the exchange in the week under review totaled 224.68MT with maize accounting for more than 81% (182.68MT) of the total traded volume.
8. COVID-19 Induced Lockdown Triggers Sustained Decline in Commodities Market Activities