SpotComEx, which is believed to be Africa's first online commodity trading marketplace, went live yesterday. The Web site aims to transform the way the African agriculture industry does business.
SpotComEx - Spot Commodities Exchange - will directly connect buyers and sellers of physical grain and other commodities through a secure, real-time Internet-based marketplace.
"For the first time, industry participants can electronically make markets in agricultural commodities for spot-delivery at prices that vary by location, quantity and quality, reflecting local supply and demand conditions," says SpotComEx's CEO Paresh Kotecha.
In addition to connecting participants throughout Africa, the site seeks to provide a forum for international traders who wish to widen their marketing reach.
As an independent agricultural portal, SpotComEx aims to create an online community from across the continent through its range of forums supported by news and market commentary.
Specialist forums featured on the site include those for non-governmental organisations, producers and agricultural derivatives.
Farmers can view and transact on bids by processors, traders and international shippers. Alternatively, they can offer at prices that best suit them with a view to transacting when the market clears at their level.
The site will provide the information that will enable farmers to understand the factors that drive prices for their products as well as their options to manage risk through derivatives.
SpotComEx has teamed up with Absa to provide deposit management and settlement services.
The site can be accessed at www.spotcomex.com
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