AFEX Weekly Commodities Market Update: Experts Anticipate Price Increases in the Coming Weeks
In the last trading week, Maize and Paddy rice gained respectively while other commodities remained flat on the Exchange. Old Maize topped the gainers’ chart, appreciating 5.85% week-on-week to close at NGN205,000/MT while Paddy rice maintained a 2nd week positive run, gaining 2.01% w-o-w.
The total volume of contracts traded on the Exchange in the trading week stood at 957,681 contracts representing a 39.15% appreciation w-o-w.
Amidst low old grain supply, high moisture content of newly harvested grains, and drought in neighboring countries which has induced demand in the domestic market, experts anticipate further price increases across most grain commodities, especially Maize and Paddy rice.
Market Price Performance
- The prices of commodities on the Exchange remained muted except for Paddy rice and Maize which gained 2.01% and 5.95% respectively W-o-W. Sorghum, Paddy rice, and Sesame gained 53.55%, 24.12%, and 14.98% respectively, Y-t-D.
- Open market prices of most grains fell W-o-W except for Sorghum and Paddy rice which gained 1.64% & 21.11% respectively. Paddy rice topped the laggard chart, declining 5.07% w-o-w.
- W-o-W, the international price of commodities gained except Soybean and Cocoa which fell by 0.85% and 3.01% respectively. On the other hand, Y-t-D performance of Cocoa, Ginger, and Cashew fell by 9.33%, 9.18%, and 1.52% respectively.
Check out other relevant details on market performance by accessing the report here.
