Commodities worth over 113 trillion rials (about $2.69 billion) were traded at Iran Mercantile Exchange (IME) during the past Iranian calendar week (ended on Friday), up 39 percent from the preceding week.

Over 996,450 tons of commodities were traded at IME in the mentioned week, registering a 55 percent rise compared to the previous week, IME’s Public Relations Department reported.

The exchange sold 445,660 tons of commodities on its mineral and industrial trading floor worth $1.54 billion, including 436,370 tons of steel, 7,535 tons of aluminum, 1,420 tons of copper, 120 tons of molybdenum sulfur, 15 tons of precious metals concentrate, 200 tons of cast iron, and 10 kg of gold bars.

Furthermore, the IME traded a total of 549,620 tons of commodities on its export pit with a trading value of nearly $1.16 billion. Traded commodities on this floor were 224,500 tons of vacuum bottom, 193,995 tons of bitumen, 57,564 tons of polymeric products, 17,144 tons of chemicals, 41,500 tons of lube cut, 170 tons of insulation, 97 tons of base oil, 3,000 tons of slop wax, and 8,900 tons of sulfur.

Based on this report, the IME was also a platform for trades of 1,170 tons of various commodities on its side market.

As previously reported, over 2.77 million tons of products worth $1.32 billion were traded at the IME during the ninth Iranian calendar month Azar (November 21-December 20), indicating 57 percent growth in terms of value compared to its preceding month.

IME is one of the four major stock markets of Iran, the other three markets are Tehran Stock Exchange (TSE), Iran’s over-the-counter (OTC) market known also as Iran Fara Bourse (IFB), and Iran Energy Exchange (IRENEX).

In late April, IME Managing Director Hamed Soltani-Nejad unveiled the market’s new outlook plan, which depicts IME’s development roadmap until the Iranian calendar year of 1404 (March 20205-March 2026). Materializing the slogan of this Iranian year, which is “Surge in Production” is seriously considered in the mentioned plan and it is, in fact, the strategic approach of the outlook plan.

Source:hellenicshippingnews