AFEX Commodities Weekly Report The Exchange’s Indexes Performed in Opposite Directions for the Reporting Week

The ACI closed the week with a 1.96% increase W-o-W, continuing its 5 week Bullish trend while the AEI closed the week bearish with a 1.34% (W-o-W) decline compared to the previous week’s performance.

The decline of the AEI is attributable to the price decline in both commodities covered by the Index (that is Cocoa and Ginger), as these commodities closed the reporting week with a 1.15% and 1.57% (W-o-W) price decline, as traders on the Exchange priced these commodities lower than what they were priced in the previous week.

Sorghum was the commodity with the highest price surge, closing the reporting week with a 13.48% (W-o-W) increase compared to the previous week. This may be as result of the scarcity of the commodity in the country as a lot of Sorghum farmers in the last planting season shifted their attention to maize as the commodity seemed more promising than sorghum due to the ban on importation placed on it by the apex bank in the country.