Mixed Performance across Commodities in the Nigerian commodities market

Ginger maintain a 3-week decline on the Exchange last week, the price of maize and cocoa plummeted marginally, while sorghum and cashew outperformed other commodities, increasing by 7.25% and 6.49% w-o-w respectively. The open market demonstrated same price movement for maize, however, cocoa increased by 1.62%. Ginger dipped for the third consecutive week because of low demand.

In the same vein, international price of cocoa increased w-o-w, this is due to the concerns around dry weather in top producing country like Ivory Coast. ACI and AEI plummeted on the Exchange by 1.18% and 8.63% w-o-w respectively, underperforming the S&P GSCI Index and the ASI in the week under review.

Players are seeing a possible further decline in the price maize this week in the domestic open market amid lower demand seen in the last two weeks for the commodity.

In the international space, analysts cut estimate for Brazil’s soybeans by almost 10 million tonnes from the 145.7 million previously projected, due to the drought. In expectation of lower harvest volumes, international prices of soybean are predicted to rise higher this year.

Market Price Performance

• Ginger dipped for the third consecutive week because of low demand.
• Sorghum rebounds in the open market reaching new all high.
• International price of cocoa increased w-o-w, this is due to the concerns around dry weather in top producing country like Ivory Coast.

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