Tuesday, April 6, 2021 / 1:30 PM/
Kainosedge Consulting for AFEX Commodities Exchange / Header Image Credit: AFEX Commodities Exchange
The AFEX Commodities Index (ACI) decreased marginally by 2.90% (W-o-W} closing the reporting week at 392.23 basis points due to the decline of the prices of Maize and Soybean.
The AFEX Export Index (AEI) retained its performance as that of the previous week. closing at 159.35 points. This is because cocoa and ginger prices on the exchange experienced no movement compared to the previous reporting week.
Total volume traded on the exchange for the reporting week declined when compared to the previous week. It declined 100% (W-o-W) to 262 contracts.
For the reporting week. only Maize. Soybean. and Cashew were traded on the exchange. Maize and Soybean accounted for about 93% of the total contracts traded in the reporting week.
This week on the exchange, Maize, Cashew, and Soybean declined by 5.20%. 2.70%. and 0.39% respectively (W-o-W). on the other hand, Paddy rice, Sesame, Cocoa, and Ginger remained unchanged during the reporting week.
Local indicative open market survey prices for Maize, Ginger, and Sesame were higher than exchange-traded prices.
However, Paddy rice, Soybean, Cashew, and Sorghum recorded higher prices on the exchange than the open market prices during the week under review.
Week-on-Week in the open market, Sorghum, Cashew, and Sesame increased by 1.47%. 2.72%. and 255% (W-o-W) respectively. whereas Soybean and maize declined by 0.92% and 0.91% (W-o-W) respectively.
In the local market. increase in cashew price was due to increasing number of exporters entering the market for the commodity thereby lifting demand on the already strained supply.