Economy, Business And Markets

IME Weekly Trade

IME Weekly TradeIME Weekly Trade

More than 400,000 tons of various goods, valued at close to $203 million, were traded in a sluggish trading week that ended May 6 in Iran Mercantile Exchange’s spot market, with copper, bitumen, steel, sulfur, and roof insulation in the limelight, IME public relations reported.

The IME wrapped up the week with copper, sulfur, bitumen, steel, and roof insulation recording trade growth in comparison to the prior week.

Around 183,000 tons of commodities were offered on the local and export industrial and mineral trading floor, valued at about 1.93 trillion rials. Moreover, 128,918 tons of a variety of steel sections, 8,670 tons of copper, 100 tons of molybdenum sulfur, 200 tons of metallurgical coke, and 6 tons of precious metal concentrates were purchased by local customers.

Elsewhere, the export and local oil and petrochemical trading floor recorded the trade of 257,887 tons of various commodities worth more than 3.82 trillion rials. In addition, 109,700 tons of different grades of bitumen, 44,253 tons of polymers, 51,960 tons of vacuum bottoms, 21,000 tons of lube-cut oil, 17,406 tons of chemicals, 820 tons of roof insulation, 12,520 tons of sulfur, and 10 tons of feedstock were also traded on the board.

The report also noted that the agricultural trading floor registered a lousy trading week, with only 4,805 tons of corn purchased by customers.

 Trilateral MoU

A memorandum of understanding among the IME, the Cooperative Investment Guarantee Fund (CIGF), and the Central Securities Depository of Iran (CSDI) was signed recently in a bid to help with the process of cooperative trading both in local and international markets, IME public relations quoted head of the IME, Hossein Panahian, as saying.

“Funding cooperatives and respective companies through collaboration with banks, insurances, and financial institutions is among the objectives of the signed MoU,” Panahian added. Warehousing-related incentives are also included in the package.

Commenting on the Interexchange Electronic Union (IEU), Panahian explained that the possibility of issuing cooperative warranties in their commercial interactions through the IEU is also included in the MoU.

IEU is an international organization, which unites seven commodity exchanges of five countries: Armenia (YERCOMEX), Belarus (BUCE), Kazakhstan (ICEX “Kazakhstan”, CEX “Kaspiy”), Kyrgyzstan (KUCEX), Ukraine (UCEX, “Agrarian Commodity Exchange” Cabinet of Ministers of Ukraine), and two commodity distribution systems from Armenia (Clearing House UCDLE) and Belarus.