ACI Witnesses a Surge - AFEX Commodities Weekly Report 070520

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Monday, May 11, 2020 / 2:38 PM  /  Kainosedge Consulting for AFEX Commodities Exchange

 

The AFEX Commodities Index (ACI) rallied by 10.21% in the week under review to close at 170.88 points due to gains of 2.82% and 9.62% in the Maize and Soybeans sub-indices Respectively.

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The week witnessed an increase in traded volumes on the exchange as processors replenish the depleted stock of raw materials and investors on the ComX platform trade spot contracts.

Transactions in the open markets have also gained some pace as processing companies resume activities following the lockdown, hence, increasing demand in the open market.

 

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Disaggregating the traders leverage reveal that traders dominate trading, leveraging on commodities stocked up around harvest. The farmers are also not left out as they trade stored commodities in order to procure fertilisers needed for production in the 2020 wet season.

 

Agriculture Transporter's Sentiments: "We are exempted from the ban placed by the Government on Interstate travel. The ministry of Industry Approved that trucks transporting essentials should be given access to travel to any state in Nigeria. However, transportation costs and taxes are getting high".

 

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