Open Market Prices Take a bullish Turn - AFEX Commodities Weekly Report 210220


Friday, February 21, 2020 / 08:00PM  /  Kainosedge Consulting for AFEX Commodities Exchange / Header Image Credit: NewsBTC


The AFEX Commodities Index composite averaged 162.95 points this week with a slight increase of 0.23% week-to-date (WtD).


Soybeans Sub-index led the pack with a positive performance, rising 0.91% points WtD while Paddy rice sub-index remained neutral in the week under review.


Maize Sub-index on the other hand reduced by a WtD performance of 0.26% closing the week at N92.352 per Metric Tonne. This decline is caused by reduced demand for the commodity.


In the open market, Maize, Soybeans and Paddy rice gained in price while Sorghum, Ginger and Cocoa price remained stable in the review week.


Maximum price for Maize and Sorghum were discovered in Talata Mafara Market, Zamfara State; while Soy was in Bali Market, Taraba State. Minimum price for Maize and Soy were both discovered in Bali Market, Taraba Stated while Sorghum was recorded in Makarfi Market, Kaduna State and Potiskum Grains, Yobe State.


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The open market has seen a positive price performance this last week as Paddy led the pack rising 12.42% Week-on-Week. Soybeans and maize also gained in price closing at an average price of N129,010 and N100,680 respectively.  


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