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Why Ongoing Lockdown Induces Slowdown in Commodities Market
The AFEX Commodities Index composite closed at 161.65 points maintaining its price point for the last three weeks as activities have slowed down on the Exchange due to the lockdown directives by the Government.
The lockdown is delivering some effects on the open market as some markets are only allowed to operate one or two days a week. With fewer supplies meeting large demand by buyers trying to mop up supplies due to an uncertain future, prices are beginning to hike up.
Merchant Sentiment from Saminaka Market, Kaduna State: “The market is on lockdown, only operating on Wednesdays. The few farmers who come to the market set their prices higher than the buyer (Processor) quotes as there is a scarcity of commodities”.
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