IME Trade Value Up 20% Month-on-Month

Iran Mercantile Exchange witnessed the trading of more than 2.84 million tons of commodities valued at $1.17 billion during the fifth month of the current fiscal year (July 23-August 22), indicating a 25% and 20% growth in trade volume and value compared to the month before, IME data showed.

Oil and petrochemical commodities had the lion’s share of trad, accounting for 1.68 million tons worth $614.09 million of the month’s total trade. They included 737,000 tons of bitumen, 427,000 tons of vacuum bottom, 271,000 tons of polymers, 91,052 tons of chemicals, 74,000 tons of lube cuts, 28,000 tons of sulfur, 4,692 tons of lubricants, 4,214 tons of roof insulations and 1,600 tons of slop wax.

Industrial and mineral products came next with 844,000 tons of goods traded for $474.98 million. The traded commodities included 644,000 tons of steel products, 165,000 tons of iron ore, 26,365 tons of copper, 7,820 tons of aluminum, 700 tons of sulfur molybdenum and 13 kilograms of gold bars.

Agricultural commodities came last, as they accounted for 264,416 tons worth $82.55 million of the month’s total trade. They included 756,000 day-old chicken, 2,745 tons of frozen chicken, 177,693 tons of wheat, 1,000 tons of soybean, 38,275 tons of sugar, 100 tons of unprocessed vegetable oil, 6,530 tons of corn and 37,587 tons of barley.

IME’s secondary market was host to 23,178 tons of agricultural goods, 5,864 tons of scrap metal, 2,925 tons of minerals and 400 tons of sulfate.

Founded in 2006, IME trades agricultural, industrial and petrochemical products in the spot and futures markets. The mercantile exchange has recently added various commodities to its arsenal, such as gold, pistachio, saffron and automobiles.

Iran Mercantile Exchange’s trade value stood at 817 trillion rials ($21.78 billion) during the previous fiscal year (March 2016-17), accounting for 6.5% of Iran’s gross domestic product, according to IME’s chief executive, Hamed Soltaninejad.

“Last year’s trade value outperformed Tehran Stock Exchange by more than 182 trillion rials ($4.85 billion),” he said.