Pigeon peas shall be deemed to comply with this standard if upon inspection and grading the provision in the below clauses are satisfied. Pigeon peas which does not meet the requirements of the below clause is considered as substandard and cannot be accepted to be stored at AHCX warehouses.
Contract classification and delivery centers
|Pigeon peas Type||Delivery Location||Symbol||Grade|
Packaging and Sampling procedures
|Packaging||Each grade of pigeon peas shall be packed in clean and sound 50 kg capacity polypropylene (PP) bags used no more than once prior to deposit. Delivery will be effective on Net Weight basis, which implies that weighing of Pigeon peas will be done on exclusive of bags basis and no additional payment will be given for the cost of bag.|
|Sampling and analysis at time of deposit||Conduct sampling and analysis using AHCX standards|
|Sampling and analysis at time of delivery||Conduct sampling and analysis using AHCX standards at request and cost of the client.|
|Sampling procedure||Sampling procedure based on AHCX standards3 samples taken, one stored till clearing and settlement is complete.|
|Failing of sample||Owner of the commodity has the right to request an appeal of the sample and/or grade:- to the Warehouse Manager/Supervisor for the first failure- to the AHCX Quality Manager for the second failure|
|Dispute settlement||If agreement is not reached on first two analyses, A third party superintendent will be the final arbitrator at a cost of the appealing client.|
|Parameters||Grade 1||Grade 2||Grade 3|
|Test Mass kg/hl. % min.||75.0||72.0||69.0|
|Moisture content||Less than 12%||12.01 to 13.00%||13.01 to 14.00%|
|Total Impurities, max % by weight||6||7.5||8.5|
|Under developed & broken kernels, max % by weight||2.0||2.0||2.0|
|Foreign matter, max % by weight||0.5||1.0||1.0|
|Damage, max % by Weight||2.0||2.0||2.0|
|Other grains, max % by weight||0.5||0.5||0.5|
|Contrasting Color, max % by weight||1.0||2.0||3.0|
|1mt net weight Tolerance limit:4%|
|Maximum order size (In 3mt increments)||Maximum order size represents the maximum number of contracts that a Member may transact in a single transaction 50 contracts or 50 MT|
|Tick size(minimum price movement)||Minimum price increment or decrement that price may be quoted:0.5 Malawi Kwacha|
|Daily Position Limit||
The Daily Position Limit is the total quantity a member or a client is allowed to buy or sell during a trading session.
250mt for members
500mt for clients
|Daily price limits||The daily price limit is the maximum percentage range, relative to the previous day’s closing price, outside of which offer and bid prices may not fall or rise. AHCX may change these limits from time to time, on a pre-announced basis.Pigeon peas: 5 %|
|Warehouse Receipt||All transactions must be based on AHCX Warehouse Receipt, indicating that commodities are in deposit in an AHCX warehouse prior to trade.|
|Contract quote basis||All prices will be quoted “Ex- Warehouse”, exclusive of taxes, fees and charges.|
|Quotation Factor||Prices are represented in Malawi Kwacha per Kg|
|Trading session||Monday through Friday, with the exception of public holidays.|
Standard settlement terms
|AHCX Warehouse Locations||Delivery locations will be Lilongwe, Mponela, Kasungu, Mzuzu, Limbe, Balaka and Bangula.|
|Delivery Intention(Warehouse pick-up instructions will be delivered to the Member representing the buyer)||By next working day after the trade day|
|Handover Instruction||After Delivery Intention is issued but before trade plus One (T+1) calendar days.|
|Delivery Period(Number of days the buyer will have to pick up the lots from the warehouse without paying additional charges)||Trade plus Five (T+5) calendar days|
|Failure to Pick up||Buyer is responsible for making arrangement to pick up commodity within the delivery period (T+5). Late Pick up will attract the following charges1. Within first week of late delivery K60 per tonne times number of days delivery not taken.2. Within the second week of late delivery K80 per tonne times number of days delivery not taken. 3. Within third week of late delivery K100 per tonne times times number of days delivery not taken. 4. Within fourth week of late delivery K120 per tonne times number of days delivery not taken. The Exchange reserves the right to impose a penalty payable for non-deliveries after 4 weeks. Buyers that make arrangements with the Exchange to extend the delivery grace period beyond the initial 5 days will become liable to the above penalties once the extended grace period expires|
|Extension of Delivery Period||As per the Exchange decision due to a force majeure.|
Standard Delivery terms
|Pay in of Funds||On trade date (T)|
|Pay-out of Funds(Time when funds will be deposited into seller member pay-out account)||Next working day (T+1)|
|Weight Tolerance Adjustment||The tolerance for difference between exact weight recorded and the contract standard weight is adjusted at settlement|
|Exchange transaction fee||1% to buyer & Seller|
|Clearing fees||1% to buyer & Seller|
|Handling and Product Certification fee||Sampling and grading Seller: Mwk 1500 per lotweighting, loading and unloading fees- Seller- Mwk 4000Commodity Sacks: Buyer – Fee to be confirmed|
|Warehouse Storage charge||Mwk 30 per Mt per Day|
1.Within the first 30 days K30 per tonne times number of days the commodity has been kept. (e.g. withdraw after storage of 10 tonnes for 20 days K30x10x20=K6000)
2. Storage of 30-60 days K60 per tonne times number of days the commodity has been kept
3. Storage of 61-90 days K90 per tonne times number of days the commodity was kept
The Exchange reserves the right to impose a penalty payable for withdraws after revalidation.
- Moisture content: expressed on a wet weight bases, shall be determined using an approved moisture meter.
- Impurities: The sum of the damaged pigeon peas, broken kernels, foreign matter and other grains.
- Under developed & broken Kernels: Pigeon peas not properly developed and broken
- Foreign Matter: The term ‘foreign matter’ would, in-general, mean anything other than pigeon peas e.g.: sand, silica, pebbles, stalks, non-edible seeds.
- Damage: A piece of pigeon peas that are; Germ damage, Heat damaged, Mold damaged, Stained grains, Discolored grains, Diseased grains, Sprouted grains, Immature grains, Insect damaged, Otherwise damaged
- Good Natural Colour: The natural appearance of the grain, which is pure and has not been affected by natural or man-made factors.
- Objectionable smell: Unpleasant smell that is caused by weathering, chemical contamination, mould infection, disease or damage caused by insect.
- Other Grains: Grains, whole or broken, other than grain under consideration.
- Test Mass: A measure of grain density determined by weighing a known volume of grain and expressed as Kilogram per Hectoliter.
- Mixed Pigeon peas: Mixture of different natural colors of pigeon peas grain.
- Immature grains: Grains or pieces of grains that are not fully developed.
- Heat Damaged: Grains or pieces of grains of pigeon peas which have been materially damaged by spontaneous heat or as a result of heat caused by fermentation.
- Contrasting Color: Pigeon peas kernels that have a seed coat color that is different from the predominant kernel color.
AHCX: A STRUCTURED AND ORGANIZED COMMODITY MARKET LAUNCHED IN MALAWINovember 5, 2020
AHL Chairman’s Speech at AHCX Grand Launch 17th October 2013October 28, 2020
Half Day Member MeetingAugust 13, 2021
Member Circular 12 Aug 2021August 12, 2021
Member Circular 26.07.2021July 26, 2021
AHCX Registers Largest Commodity SalesJuly 23, 2021
Chairmans Speech- Executive Business LaunchJuly 18, 2021