Maize trad­ing listed on JSE

The Star Early Edition - - COMPANIES -

LUSAKA: Zam­bian maize will start trad­ing on the Jo­han­nes­burg Stock Ex­change (JSE) fol­low­ing a suc­cess­ful set­ting up of a con­tract for the coun­try’s maize to be de­nom­i­nated in the US dol­lar, state me­dia re­ported on Tuesday.

The Zam­bia Agri­cul­ture Com­mod­ity Ex­change (Za­mace) has since started reg­is­ter­ing bro­kers to trade with their coun­ter­parts on the South African bourse.

Ja­cob Mwale, ex­ec­u­tive di­rec­tor of Zam­bia’s com­mod­ity bourse, said the prod­uct was ready to go and the first trade would take place in the next few months.

He said the Zam­bian grain con­tract was a 10-ton con­tract, and the move was a hedg­ing in­stru­ment against price fluc­tu­a­tions and could be used by all value-chain play­ers.

“Za­mace, in col­lab­o­ra­tion with the JSE, will give ex­po­sure to Zam­bian grains on the world mar­ket, in ad­di­tion to the re­gion mar­kets,” the Times of Zam­bia quoted Mwale as say­ing. The lo­cal bourse, he ex­plained, in­tends to en­hance the pub­lic­ity of the move through ra­dio and other modes of com­mu­ni­ca­tion to in­crease par­tic­i­pa­tion on the ware­house re­ceipt sys­tem. – Xin­hua

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