Price bullish on ZMX, as 86pc delivered maize traded
EIGHTY-SIX percent of the maize delivered to the Zimbabwe Mercantile Exchange (ZMX) for trading has since been sold, as farmers continue to warm up to the system on the backdrop of a rise in the average price of the cereal to US$310 per tonne by Day 6.
Statistics availed by ZMX yesterday indicated that 327 tonnes of maize valued at US$101 370 were traded against last week’s 195, 06 tonnes worth US$56 567, 40.
This is a 68 percent rise in volumes and 79 percent increase in value.
The average price rose seven percent from US$290 per tonne on Day 5 to US$310 this week.
Buyers submitted maize bids for 1 037 tonnes at an average price of US$298, 14 per tonne in comparison to last week’s 1 159, 90 tonnes at an average price of US$273, 72 per tonne.
At the end of the auction, 327 tonnes were sold at an average price of US$310 per tonne generating US$101 370 in earnings for farmers.
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