Economy, Business And Markets

Over 129,000 Tons of Goods at IME

Over 129,000 Tons of Goods at IME
Over 129,000 Tons of Goods at IME

Iran Mercantile Exchange featured about 129,500 tons of commodities offered by local suppliers on Monday.

The industrial and mining trading floor played host to 30 kg of gold bullions offered by Mouteh Gold Complex, 2,200 tons of hot-rolled steel C, 1,100 tons of hot-rolled steel B, 1,000 tons of galvanized sheet, 1,000 tons of cold-rolled steel B as well as 500 tons of tin-plated sheets by Mobarakeh Steel Company, IME reported.

Close to 610 tons of rice, 300 tons of corn, 4,000 tons of wheat and 1,050 tons of unprocessed vegetable oil were offered on the agricultural trading floor.

The oil and petrochemical trading floor witnessed the offering of 57,200 tons of various grades of bitumen by Pasargad Oil Company, 34,100 tons of bitumen by Jey Oil Refining Company, over 8,230 tons of polymers, 4,000 tons of vacuum bottoms, 4000 tons of lube-cut oil and 400 tons of granulated sulfur.

The export trading floor recorded the offering of 7,000 tons of bitumen and 100 tons of roof insulation for export purposes.

  Jump in Copper Prices

The sudden rise in copper prices at London Metal Exchange sent shockwaves through Iran Mercantile Exchange on Sunday.

Global copper prices climbed 5% last week and reached up to $5,319 per tons. Consequently, IME’s industrial and mining trading floor witnessed an increase of $0.20 per kilos in copper prices on Sunday compared to IME’s last copper offering on October 4.

Experts point to China’s rising copper purchases, depletion of copper stocks in IME’s warehouses, and the upward trend in oil prices as the main causes of jumping copper prices at IME, Donya-e-Eqtesad reported.

According to the report, IME copper prices are expected to increase further in the upcoming days, amid rebounding global oil prices and the exchange rate’s upward trend. Furthermore, China’s demand for raw materials such as copper for its industries is set to rise even more during the second half of 2015.