Tuesday, August 04, 2020 / 09:39 AM / Kainosedge Consulting for AFEX Commodities Exchange / Header Image Credit: AFEX Commodities Exchange
The AFEX Commodities Index composite appreciated slightly indicating a second consecutive week of marginal price movement on the Index.
With farmers currently out of stock and warehouses looking to clear up storage space in anticipation of the new harvest season, trade volume on the Exchange dwindled, which often signals the waiting period between commodity cultivation and harvest.
The AFEX Commodities Index composite experienced a reversal of last weeks' contraction in market activity, averaging 251.06 points in the week under review. The index performance gained by 0.67% w-on-w primarily due to the positive market performance in the maize sub-index of the exchange against the previous week performance.
On the Exchange, maize ticked up by 1.14% to close the trading week at N159,864/MT while sorghum appreciated by 0.40% to close the trading week at N125,000/MT.
Soybean and paddy rice, however, maintained their price levels in the week under review.
In the Open Market, maize, soybean and ginger appreciated; while sorghum and cocoa experienced a downtick and paddy rice maintained its price level in the week under review.
The aggregate volume of trades executed on the Exchange in the week under review totaled 193.64MT with maize and soybean accounting for more than 92% of the total traded volume.