LUSAKA, June 7 (Xinhua) -- 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 U.S. 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 that the first trade would take place in the next few months.
He said the Zambian grain contract was a 10 ton contract, adding that 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," he is quoted saying by the Times of Zambia.
The local bourse, he said, intends to enhance the publicity of the move through radio and other modes of communication to increase participation of farers on the warehouse receipt system.
