| Commodities |    653 VIEWS  |
| Commodities | |
| 653 VIEWS | |
 |
Monday, September 14, 2020 / 1:25 PM
/ Kainosedge Consulting for AFEX Commodities Exchange / Header Image Credit: AFEX Commodities Exchange
The
AFEX Commodities Index composite retained its performance this week from the
previous week, as it closed at 249.47 points. This is as a result of reduced
trades on the Exchange.
For
the commodities covered by the index, maize, soybean, and paddy rice
experienced no change in the week under review when compared to the previous
week, thus, closing at N179,666/MT, N146,579/MT, and N215,000/MT, respectively. Cocoa
increased by 0.93% while sorghum and ginger maintained their price levels.
Last
week, a flood destroyed about 25% of the paddy rice harvest in Kebbi
State (the centre of rice production in Nigeria). This is
expected to lead to an increasing strain on the domestic supply of the
commodity as the Federal Government still takes a strong stand on the
restriction of food importation into the country, thus the price
of paddy rice is expected to increase as it is one of the
go-to staple foods in Nigeria.
Furthermore,
the CBN approved the importation of 262,000 tons of maize into the
country, as the excess demand led to an increase in the price of the commodity
and consequently an increase in the price of poultry feed. This
action was taken by CBN as poultry farmers were on the losing side of
the maize importation ban.
In
the Open Market, maize, sorghum, soybean, and paddy rice experienced an uptick
in their prices while cocoa and ginger prices remained unchanged.
The
total volume of trades executed on the Exchange in the week under review
totaled 9.59MT with maize, sorghum, and cocoa accounting for 1.29%, 1.04% and
97.66% respectively.
1. Maize Ban: Food Security, But At What Cost?
2. ACI Maintained
Its Performance - AFEX Commodities Weekly Report 030920
3. Rice Prices To
Spike In Coming Months As Floods Wash Away 25% Of Nigeria's Rice Harvest
4. Sugar Prices To
Remain At Current Levels On Low Demand For Cane Based Ethanol
5. ACI Experienced
a Negative Performance - AFEX Commodities Weekly Report 270820
6. The 2020 Gold
Rush and Africa
7. Reduced Cocoa
Supply From Export Countries To Keep Prices Up
8. Zenith Bank GMD
Calls for Concerted Efforts to Expand Non-Oil Exports
9. Food Prices
Still Up Despite Harvest Season
10. FG Targets 22
Non-oil Commodities for Export Promotion
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