More millers, brokers trade on ZAMACE
By MAILESI BANDA
THE number of millers and brokers trading on the Zambian Commodity Exchange (ZAMACE) online platform has increased with the number of millers moving from three to five while brokers have now reached eight since the launch of the trading platform in October.
ZAMACE executive director, Jacob Mwale said the number of brokers and millers had increased because of the transparency the platform provides for both brokers and millers.
Speaking in an interview with the Daily Nation, he said the platform had in the past month seen massive trade movements that had resulted in the increased number of millers and brokers due to the confidence the platform has instilled.
“There is massive trade movement on the ZAMACE trading platform because trade is being done in a transparent and competitive manner as suppliers are looking for structures that will assure payment and other services without leaving comfort of their offices,“he explained.
He further said the number of millers signing up for the online trading platform had increased steadily adding that Superior Milling from Lusaka and Mpongwe Milling from the Copperbelt had already transacted on the platform, while Simba Milling was the first to use the platform.
He noted that similarly the number of signed up brokers had increased as confidence in the platform was deepening, adding that he was hopeful that as the year progresses more will come on board.
He disclosed that Madison had become the latest financial institution to join the platform.
ZAMACE in October unveiled a trading platform where buyers and sellers could now search on a daily basis for prices of agricultural commodities making the discovery of prices of grains now a reality in Zambia following the ‘live’ trading that was has been fully operational.
ZAMACE is the authorised agency for implementation of the warehouse receipt system (WRS) under the agriculture credits Act 35 OF 2010.
The WRC entails that farmers can deposit grains like maize, soya beans, groundnuts, wheat, into ZAMACE-certified warehouses and receive a receipt which could be used to obtain goods and services from participating fertiliser suppliers, chemicals and seed companies.