Iran Mercantile Exchange (IME) announced that commodities worth about $224 and weighing over 587,000 tons were traded in its domestic trading and exports halls in the past working week (August 15-19) showing a growth of nearly 31 percent in trade.
The IME said that 430,620 tons of products valued at over $131million were traded in its domestic and export metals and minerals trading floor in the last working week, Fars News Agency reported.
The metal and mineral hall of IME transacted 200,474 tons of steel products, 220,000 tons of iron ore, 6,100 tons of copper, 140 tons of molybdenum sulfur, 3,600 tons of aluminum, 300 tons of coke, 6 tons of concentrate as well as 3 kilograms of gold bullion in the last week.
The exchange's oil and petrochemical hall traded 137,617 tons of commodities, including 60,000 tons of bitumen, 31,000 tons of polymer products, 11,000 tons of lube cut, 17,000 tons of chemical products, 564 tons of insulation, 1,310 tons of sulfur and 40 tons of argon with a total value of $ 74 million during the mentioned period.
The IME further added that 15,630 tons of sugar, 2,120 tons of maize and 160 tons of crude vegetable oil and 35 tons of rice were traded in its agricultural hall during the last week.
The IME was established on September 20, 2007 in accordance with article 95 of the new law of the Securities Market of the Islamic Republic of Iran and following the merger of the agricultural and metal exchanges of Tehran. The merger marked a new chapter in Iran capital market providing endless trading opportunities for clients at home and abroad.
Various sectors of economy and national industry benefit from the exchange operation. The IME currently offers various services, including:
Performing as the first market providing access to the initial offering of the listed commodities in the IME,
Price discovery and price making for Iran's Over the Counter (OTC), secondary markets and end users,
Providing venue for government sales and procurement purchases,
Providing trading platform and user interface,
Providing clearing and settlement services,
Risk management,
Technology services,
Training and education of the market participants.