Iran Mercantile Exchange (IME) announced that commodities worth about $182 million and weighing over 540,000 tons were traded in its domestic trading and exports halls in the past working week (August 29-September 2).
The exchange said that its domestic and export hall transacted over 261,920 tons of metal and mineral products, including 89,491 tons of steel products, 165,000 tons of iron ore, 4,290 tons of copper, 130 tons of molybdenum concentrate, 3,000 tons of aluminum, 9 tons of precious metals concentrate as well as 25 kg of gold bullion worth more than $77million in the last working week, Fars News Agency reported.
Also, the IME's secondary and spot markets dealt in over 254,848 tons of oil and petrochemical commodities, including 1,070 tons of bitumen, 29,000 tons of polymer products, 20,500 tons of lube cut, 15,518 tons of chemical products, 1,818 tons of insulation, and 5,700 tons of sulfur with the total value of over $94 million.
The IME was established on September 20, 2007 in accordance with Article 95 of the new law of 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. 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 market participants.