Commodities worth over $317m traded at IME in a week

December 26, 2020 - 13:36

TEHRAN- During the past Iranian calendar week (ended on Friday), commodities worth over $317 million were traded at Iran Mercantile Exchange (IME).

The exchange sold 342,474 tons of commodities on its mineral and industrial trading floor worth $185.5 million, including 330,869 tons of steel, 2,350 tons of aluminum, 5,530 tons of copper, 120 tons of molybdenum sulfur, 15 tons of precious metals concentrate, 100 tons of cast iron, 5,000 tons of iron ore concentrate and 21 kg of gold bars.

Furthermore, the IME traded a total of 297,708 tons of commodities on its export pit with a trading value of nearly $132 million. Traded commodities on this floor were 99,000 tons of vacuum bottom, 64,441 tons of bitumen, 61,196 tons of polymeric products, 31,335 tons of chemicals, 27,000 tons of lube cut, 170 tons of insulation, 2,036 tons of base oil, 2,000 tons of slop wax, 100 tons of argon and 1,300 tons of sulfur.

 Based on this report, the IME was also a platform for trades of 2,453 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.

Based on the report released by the IME's Public Relations Department, also the volume of monthly trades at the IME indicates a 42-percent rise.

As shown by the figures, the industrial and mineral spot market of the exchange traded 1.178 million tons of basic commodities worth of $697 million, of which steel sections accounted for 1.137 million tons among an array of underlying commodities like copper, precious metals concentrates, molybdenum, aluminum, coke, zinc, cast-iron and gold bar.

The petrochemical and oil-related market of the IME saw trades of 1.559 million tons of polymers, chemicals, vacuum bottom and bitumen for which the flagship commodities were vacuum bottom (530,000 tons), bitumen (467,000 tons), polymers (245,000 tons), chemicals (218,000 tons), and Lube cut with a quantity of 144,000 tons.

In the agricultural market of the exchange 320 kilograms of premium, saffron changed hands.

Meanwhile, the side market of the exchange traded 3350 tons of OTC products and commodities.

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.

MA/MA

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