Prices of commodities abate on low market activity at AFEX
As market pressure on commodity prices abates due to a decline in market activities amongst off-takers and market makers, the ACI marginally declined while the AEI stood positive. The NGX All Share Index reached its highest point since the beginning of the year, closing at 475.58 index points.
Open market prices of paddy rice and maize fell due to low demand from major market off-takers while sorghum gained 20.54% during the week. Furthermore, the price of most commodities in the open market (excluding Maize and Soybean) has continued to gain Y-t-D.
Prices of inputs are set to be pressured due to high demand by farmers to take advantage of the early rains
Market Price Performance
- The Exchange prices of cashew and sorghum gained 13.43% and 10.63% W-o-W, outperforming the other listed commodities. On a Y-t-D basis, all commodities except sorghum had a net positive gain from their opening price at the start of the year.
- Open market prices of paddy rice and maize fell due to low demand from major market off takers while Sorghum gained 20.54% during the week. Furthermore, most commodities (excluding maize and soybean) have continued to gain Y-t-D.
- International prices of commodities (except ginger) have continued to rise, W-o-W. On Y-t-D, maize, soybean, and sesame have gained 34.11%, 29.96% and 24.70% respectively.
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