Maize trading listed on JSE
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