Monday, June 01, 2020 / 04:55 PM
/ Kainosedge Consulting for AFEX Commodities Exchange
The AFEX Commodities (ACI) Index composite experienced a downtick as it closed at 178.80 points in the week under review. The index performance reduced by 6.78% WtD. The downward trend was stimulated by the decline in prices of the commodities covered by the index.
Ginger, on the flip side, experienced an increase in price as it closed at N522,667.00 (an increase of 9.94%) as a result of the increased orders by buyers in the market for the commodity. Cocoa, however, remained stable in the week under review.
As anticipated in last week's report, paddy rice price dropped by 7.03% as the effect of the festive celebrations have worn off, and harvest from more producing locations has begun to come on board.
Maximum prices for maize and sorghum were discovered in Jengre Market, Plateau State, and Anchau Market, Kaduna State while that of soybeans was in Anchau Market, Kaduna State.
Minimum prices for maize and sorghum were discovered in Anchau Market, while that of soybeans was recorded in Wannune Market,Benue State.
In the open market, maize, soybeans and paddy rice experienced an uptick while sorghum, cocoa and ginger maintained their price levels from last week.
The volume traded on the Exchange witnessed a drop as it declined by 41.35% from 557.88MT traded in the previous week to 327.18MT in the week under review.
6. COVID-19 Induced Lockdown Triggers Sustained Decline in Commodities Market Activities