AFEX Indexes Experienced a Positive Performance for the Week as @ 190321

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Monday, March 22, 2021 / 04:50PM / Kainosedge Consulting for AFEX Commodities Exchange / Header Image Credit: AFEX Commodities Exchange


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The AFEX Commodities Index {ACI} increased by 2.11% (W-o-W) to close at 400.85 basis points. This is attributable to the increase of the prices of maize and soybean despite the decline in paddy rice and sorghum prices for the reporting week.


The AFEX Export Index (AEI) increased marginally by 0.66% (W-o-W) to close at 19.95 basis point for the reporting week. This is due to the increase in ginger prices as cocoa remains unchanged as it is out of season.


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Total volume traded on the exchange for the reporting week experienced a significant decline compared to the previous week, plunging by 61% (W-o-W), totalling a total traded volume of 40.989 contracts. While export commodities volume last week increased 4 times compared to the previous week.


For the reporting week. grans trades on the exchange declined by 69% compared to the previous week while export commodities increased by 171% with cashew being responsible for c.99% of the total export commodities trades.


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For the week, maize. soybean and ginger increased by 4.40%. 1.57% and 1.33% respectively (Weo-W). on the other hand. sorghum, cashew and paddy rice price fell, closing the week with a 3.55%. 3.19% and 1.56% (W-o-W) respectively. Export these commodities are out of season in the country.


Local indicative open market survey prices for maize. Soybean and ginger were lower than exchange traded prices. However, Players on the exchange priced paddy. sorghum. sesame and cashew higher than the open market survey prices for the reporting week.


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Week-on-Week in the open market, sorghum, maize and soybean declined slightly by 0.87%, 0.6%, and 0.57% respectively, whereas ginger and paddy rice increased by 3.18% and 2.37% respectively.

 

Market Talk

The Selected Food Price report by NBS revealed inflation to be in a four-year peak since 2017. As the Monetary Policy Committee meets, many are uncertain about the Monetary Authority's decision on how to tackle rising food inflation. Cashew had an amazing after introductory week in terms of volume traded, as players on the exchange are optimistic about the commodities performance.

 


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