Monday, April 20, 2020 / 12:40 PM / Kainosedge Consulting for
AFEX Commodities Exchange
The AFEX Commodities Index composite closed at 161.65 points maintaining its price point for the last three weeks as activities have slowed down on the Exchange due to the lockdown directives by the Government.
The lockdown is delivering some effects on the open market as some markets are only allowed to operate one or two days a week. With fewer supplies meeting large demand by buyers trying to mop up supplies due to an uncertain future, prices are beginning to hike up.
As a result of the flatness in activities, the week-till-date performance of all the commodities, except for ginger closed remained flat.
Minimum price for Maize and Soybean were discovered in Anchau Market, and Soba Market; Kaduna State while Sorghum was recorded in Saminaka Market; Kaduna State.
Due to the lockdown - directives implemented by the government to slowdown the spread of the novel COVID-19 pandemic; the open market faced some limitations as supplies to the market diminished significantly, prompting increasing cases of price hikes.
Merchant Sentiment from Saminaka Market, Kaduna State: "The market is on lockdown, only operating on Wednesdays. The few farmers who come to the market set their prices higher than buyer (Processor) quotes as there is a scarcity of commodities".