During the week, activities on the African Commodities Exchange saw a mixed performance across commodities with ginger topping the gainers’ chart. Sorghum however topped the laggard chart, plunging 25.57%. A different trend was observed in the open market which showed a downward movement in the prices of most commodities. There was a decline in the ACI and AEI by 4.04% and 0.72% respectively.
The latest slump in wheat, corn, and other agricultural commodities in the international market indicates that food inflation may have reached its peak. Thus, runaway food inflation may be tamed temporarily as farm commodities tumble after a surge that pushed up prices of everything from cooking oil to bread.
Market Price Performance
- On the Exchange W-O-W, all commodities gained except sorghum and cocoa which fell by 25.57% and 21.28% respectively. On the Y-T-D basis, all commodities gained except cocoa, sorghum, and maize which fell by 14.82%, 12.43%, and 5.80% respectively.
- In the open market, all commodities fell W-O-W except soybean and maize which gained by 1.59% and 0.14% respectively. Y-T-D, only cashew, paddy rice, and sesame gained by 30.05%, 16.62% , and 3.36% respectively.
- All prices in the international market gained W-O-W except cocoa which fell by 2.39%. For Y-T-D performance, only cocoa, ginger, and cashew fell by 9.85%, 3.81%, and 2.29% respectively.
Check out other relevant details on market performance by accessing the report here.