Markets Witness COVID-19 Induced Lull - AFEX Commodities Weekly Report 020420

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Monday, April 06, 2020 / 1:18 PM  /  Kainosedge Consulting for AFEX Commodities Exchange

 

The AFEX Commodities Index composite closed at 161.65 points this week, maintaining its Price point from previous week.


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Market this week shows early effects of the ongoing lock down witnessed across the country as all commodity prices on the exchange remained neutral in the week under review.

 

This is as a result of reduced order for these commodities on the exchange. We anticipate an initial slowdown in activities on the exchange as companies recalibrate supply chains and evaluate customer demand levels.


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Minimum price for Maize and Soybeans were both discovered in Anchau Market, and Tsekucha Market; Benue State while Sorghum was recorded in Anchau Market, Kaduna State.

 

Maximum and Minimum price for Paddy rice was recorded in Talata Market, Zamfara State.

 

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In the open market, however, households played a significant role in propping up the market performance as gains witnessed in Maize and  Sorghum reflect the mass purchase of food items to cope with the lockdown directives across the country.

 

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