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Zambian grain contracts to list on S. African bourse

Xinhua, October 22, 2016 Adjust font size:

The Zambian Agricultural Commodities Exchange (ZAMACE) has finalized the process of listing the country's grain contracts on the Johannesburg Stock Exchange (JSE), in order to boost liquidity in the commodity market, the Zambia Daily Mail reported on Friday.

Last year, the Zambian commodity exchange signed a partnership agreement with the JSE to list Zambian grain contracts.

Jacob Mwale, executive director of ZAMACE, said the listing is expected to commence next month and will include white maize, soya beans and wheat.

He said this will enable farmers and millers to better manage the price risk surrounding the commodities through the use of futures and option contracts.

Currently, a team of seven experts from the South African bourse are in the country to collaborate with their counterparts to ensure that the Zambia grain contracts listing becomes a reality, he added.

"The process of listing Zambian grain contracts has come to a point where we are ready. And now what we have been doing is engaging various players on the market to enable them to understand the process of registering to become a broker on the Zambian grain contracts, which will be listed on the JSE and this will bring liquidity on the Zambian market," he is quoted as saying by the paper.

The move will also enable grain traders to plan effectively on a futures market that allows both producers such as farmers, consumers and milling companies to hedge their exposure, he added. Endit