Wednesday, September 9, 2020 / 11:49 AM
/ Kainosedge Consulting for AFEX Commodities Exchange / Header Image Credit: AFEX Commodities Exchange
The AFEX Commodities Index composite experienced no change in the week under review, as it closed at 249.47points. This is as a result of the scarcity of commodities in the market as the incoming harvest draws closer. Cocoa declined by 1.53% while Sorghum and Ginger remained unchanged for the week as against the previous week.
Truck Drivers are optimistic that the increase in the pump price of PMS would not affect the price of diesel in the market, since most trucks consume diesel instead of PMS, thus expecting a good movement of commodities come harvest
On the Exchange, Maize, Soybean and Paddy Rice retained their prices as that of the previous week, closing the trading week at N179,666/MT, N146,579/MT and N215,000/MT for Maize, Soybean and Paddy Rice respectively.
Sorghum and Ginger however maintained their price levels in the week under review, while Cocoa dropped by 1.53%.
In the Open Market, Cocoa maintained its price. Paddy rice and Ginger dropped by 15.32% and 13.88% respectively while there was an uptick in the prices of Maize, Sorghum and Soybean.
The aggregate volume of trades executed on the Exchange in the week under review totaled 10.18MT with Paddy Rice and Cocoa accounting for 34.38% and 65.62% of all the traded volume respectively.