Zimbabwe Mercantile Exchange Private Limited (ZMX) operates an Electronic Warehouse Receipt System & a Commodities Trading Platform was launched today.
FZMX platform allows people to trade in at least 18 commodities, plus options and futures.
Maize, for now, won’t be on ZMX, as GMB remains sole maize trader.
This is the first such market since the closure of ZIMACE in 2001.
On the 1st Day of Trading, 77,862kgs of Grade A, White Sorghum traded at $38/kg to rack in $2,958,756.00 and 2,058kgs of Grade A Red Sorghum traded at $38/kg to bring in $78,204.
There were a total of 10 trades.
This platform will support the agricultural sector by capacitating players in the chain, it will ensure a fair price discovery system and better margins for farmers.
Small holder farmers can trade on the exchange, whose prices are market based, determined by demand, on real time basis.
In Zimbabwe, 7.1m are people dependant on agriculture, – 1.5m are smallholder farmers. – Employment contribution is 70% – GDP contribution is 17%.