TEHRAN- More than 2.787 million tons of commodities worth over $5.368 billion were traded at Iran Mercantile Exchange (IME) in August.
As reported by the IME International Affairs and Public Relations Department, during the last month, the oil and petrochemical trading floor of the IME played host to trading of 1,644,125 tons of commodities worth more than $2.512 billion.
On this trading floor, more than 470,219 tons of bitumen, 286,506 tons of polymer products and 138,786 tons of chemical products, 532,000 tons of VB feed stock, 184,000 tons of lube cut oil, 19,095 tons of sulfur, 4,630 tons of insulation, 2,200 tons of slaps waxes, 590 tons of argon as well as 6,099 tons of oil products were traded by customers.
The metal and mineral trading floor witnessed trading over 1,136,602 tons of commodities worth more than $2.849 billion.
On this trading floor 1,102,886 tons of steel, 11,720 tons of copper, 490 tons of molybdenum concentrates, 51 tons of precious metals concentrates, 2,465 tons of zinc, 18,990 tons of aluminum as well as 70 kg of gold bullion were traded by customers.
Furthermore, in the agricultural trading floor of the IME, more than 250 kg of saffron was traded by the customers.
The side market of the IME experienced trading of 700 tons of PDA TAR, a total of 1,020 empty barrels, 1,050 tons of tomato paste, 93 tons of used locomotive engine oil, 69 tons of metal scrap, 5,000 tons of phosphate concentrates, 180 tons of normal paraffin, 45 tons of pipe tape as well as a commercial real estate.
As previously reported, commercial property was offered at the IME for the first time on August 19.
The side market of the IME hosted the offering at the base price of 10.639 billion rials (about $253.3 million).
Also on August 21, the IME director of economic studies announced, “The exchange will start preselling trades of residential units via standard parallel salaf bonds by the next month.”
Javad Fallah said, “IME is seeking attraction of liquidity by the capital market to provide financing for the construction of houses; so, we are intending to offer salaf bonds to achieve this goal”.
The official said that the IME has received the salaf bonds from Housing Investment Company, which is affiliated to Bank Maskan (Housing Bank).
These bonds enable the people to pre-purchase the residential units based on the amount of their money.
A standard parallel salaf is an Islamic contract similar to futures, with the difference being that the contract’s total price must be paid in advance.
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).
On April 21, 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.
Read More: Commodities worth over $5.3b traded at IME in August