AFEX Weekly Commodities Market Update: Domestic Maize Price Maintains Bearish Trend

At the close of the trading week, the price of maize fell on the Exchange by 1.53% to maintain a 4-week bearish trend, closing the week at N193,700/mt.

We saw a similar trend for the commodity in the open market as maize maintained a 5-week bearish trend, representing a 1.17% decline w-o-w. This trajectory was induced by the increasing supply of maize in the market as harvest for the commodity continues.

A total of 1,637,177 contracts were settled on the Exchange with sesame and paddy rice accounting for 62.63% of the total volume traded on the Exchange during the week. The AFEX Commodities Index (ACI) increased marginally by 0.55% while the AFEX Export Index (AEI) witnessed a decline of 4.02% w-o-w.

Market Price Performance

• On the Exchange, maize recorded a lower price while paddy rice recorded a gain of 4.60% W-o-W. On the other hand, all commodities gained on the Exchange except maize, soybean, and cocoa with a price decline of 20.49%, 3.67%, and 2.84% respectively Y-t-D.
• In the open market, there was a decline in the price of maize, paddy rice, and ginger by 1.17%, 5.04%, and 3.39% respectively while soybean, sorghum, and cocoa gained W-on-W.
• During the week, all commodities gained in the international market except cocoa which dropped by 0.17% W-on-W. However, a decline was observed in the prices of cocoa, ginger, and cashew Y-t-d.

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