Sustained Bearish Performance on the AFEX Commodities Exchange

Commodities on the Exchange closed the week in red except for paddy rice which increased marginally by 0.03%. Cocoa topped the laggard chart following a 7.69% decline in price.

In the open market, the price of maize experienced a rebound and is expected to remain bullish for the rest of the season due to market fundamentals of reduced supply from the global market. Ukraine’s suspension of exports of several agricultural commodities in addition to an impending scarcity of fertilizers has caused the international price of grains to rise W-o-W.

The S&P Agriculture index sustained its growth by 12 percentage points from 16.26% to 28.59%. The ACI gained 3%-points in the same period. While the AEI and ASI remained unchanged for the period under review

Market Price Performance

• The Exchange has welcomed the start of a new season for cashew as evidenced by a price reset for the commodity.
• Ukraine’s suspension of exports of several agricultural commodities in addition to an impending scarcity of fertilizers has caused the international price of grains to rise W-o-W.
• The open-market price of maize experienced a rebound and is expected to remain bullish for the rest of the season due to market fundamentals of reduced supply from the global market.

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