Commodity prices likely to rise as fuel subsidy is removed

The leading gainers on the Exchange were sorghum and maize, which saw w-o-w gains of 4.50% and 3.44%, respectively. Both commodities were the leading gainers among grain commodities, rising 3.81% w-o-w on the open market, showing a similar pattern.

The performance of grains contributed significantly to the AFEX Commodity Index’s (ACI) moderate rise of 0.75%, while the AFEX Export Index (AEI) suffered a slight decline of 0.09% week-over-week.

Market investors are attentively observing different commodities in anticipation of potential price fluctuations in the upcoming week as a result of the elimination of gasoline subsidies.

Market Price Dynamics
With a weekly decline of 0.44%, Cocoa topped the Exchange’s lagging chart.
Most commodities on the open market saw a boost in price today. Ginger had the highest w-o-w increase, at 6.25%.
Most commodities on the global market experienced price increases this week. The highest gainer was sorghum, which increased by 8.89% w-ow.
Access the study here to view further pertinent information on market performance.