Commodities market index experiences another week of positive performance

The AFEX Commodities Market Index composite has sustained a 2-month surge in market activity to close the trading week at near season highs of 251.21 points. The index performance appreciated by 2.33% w-on-w due to the positive market performance of the Soybean sub-index against previous week’s performance.

Soybean appreciated by 15.38% to close the trading week at ₦154,933/MT while the price of paddy rice remained unchanged in the week under review. On the other hand, maize fell slightly by 3.96% to close the trading week at ₦159,590/MT.

In the open market, maize, sorghum, soybean and paddy rice all experienced slight price increases while the price of export commodities, ginger and cocoa, maintained their price levels from the previous week.

The aggregate volume of trades executed in the week under review totaled 387.67MT with maize (65.1MT), soybean (77.89MT) and paddy rice (185.07MT) accounting for more than 84% of the total traded volume.

The recent upsurge in commodity prices is due to more demand than supply as farmers are running out of stock, leaving traders in a much better bargaining position leading to higher prices in the market