Activities on the Commodities Market Gain Momentum Post-Ramadan

The Nigerian market experienced an influx of grains from Cameroon which significantly eased open market prices. However, this price easing was not sustained as commodity prices have begun to surge again.

Prices of commodities on the Exchange gained W-O-W except for paddy rice and cashew which fell by 0.41% and 0.76% respectively. While other commodities gained W-o-W in the open market, cocoa, cashew, and soybean fell by 2.73%, 0.47%, and 0.41% respectively. However, most prices in the international market fell W-O-W while Y-T-D, cocoa, cashew, and ginger fell by 7.43%, 3.71%, and 0.21% respectively.In West Africa, the production outlook has brightened for mid-crop cocoa harvest as drought conditions turn around with recent heavy rainfall in Ghana and Cote D’Ivoire.

Market Price Performance

• Prices of commodities on the Exchange gained W-O-W except paddy rice and cashew which fell by 0.41% and 0.76% respectively. All prices on the Exchange gained Y-t-D except for ginger and sesame which remained unchanged.
• While other commodities gained W-o-W in the open market, cocoa, cashew, and soybean fell by 2.73%, 0.47% and 0.41% respectively. Y-T-D, maize and sorghum fell by 15.02% and 12.36% respectively while cashew and paddy rice gained by 32.72% and 14.20%.
• Most prices in the International market fell W-O-W while Y-T-D, cocoa, cashew, and ginger fell by 7.43%, 3.71%, and 0.21% respectively.

Check out other relevant details on market performance by accessing the report here .