The Mozambican Commodities Exchange (BMM) expects this year to trade 10,000 tonnes of various products, the BMM president told Mozambican daily newspaper Notícias.
Vitória Paulo said that the amount of trade expected this year is an increase of 14.9% compared to 8,700 tonnes traded in 2019, which missed the target of 9,600 tonnes.
The “ambitious” target set for this year is based on forecasts of a rise in production and increased interest in depositing the products in complexes managed by the Commodities Exchange.
“As individual producers became aware of the existence of facilities there was an increase in the use of the silos, and the same happened with some companies,” said the president of the Exchange, who acknowledged that this is still very far from the target of trading millions of tonnes of goods.
Paulo recalled the Exchange has received requests from foreign buyers wishing to buy for markets in the Middle East, 10,000 tonnes of sesame, 50,000 tonnes of soybeans and 200,000 tonnes of yellow corn.
“All these requests were not being met due to scarcity in the domestic market,” she said.
The president of the BMM also said that the advantages of selling through an exchange come from it being an organised market, where prices are transparent and fair, “in that the parties negotiate based on a reference price.”