Paddy rice and sorghum experience a 2-week positive run in the open commodities market

In a review of last week’s trading activities, paddy rice and sorghum sustained a 2-week price increase in the open market. Both commodities gained 5.11% and 4.35% respectively. Market participants attribute this to low supply-induced price rallies across markets.

However, paddy rice stood as the only gainer on the Exchange, gaining 2.61% to close the trading week at N267,620/MT. Meanwhile, the price performance was muted across other commodities.

The total volume of contracts traded on the Exchange during the week stood at 688,217 contracts, representing a 75.36% decline W-o-W.  The AFEX Commodity Index closed flat W-o-W while the AFEX Export Index gained 0.92%.

Market Price Performance

• W-o-W, commodities traded on the Exchange maintained a muted performance except paddy rice which gained 2.61% during the week. Y-t-D, paddy rice, cashew, and sorghum gained 21.68%, 11.84%, and 53.55% respectively.
• In the open market, the prices of paddy rice, sorghum, cocoa, and sesame gained 5.11%, 4.35%, 2.74%, and 0.04% respectively W-o-W, while maize and soybean declined 2.81% and 0.27% respectively.
• There was a gain in the international price of most commodities,  W-o-W. However, we observed a decline in the price of paddy rice and ginger by 1.46% and 9.34% W-o-W.

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