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FinancialNews


  • 26-04-23

    Iran Mercantile Exchange Reports Strong Growth in Trading Volume, Value

    (MENAFN) During the past Iranian calendar week, Iran Mercantile Exchange (IME) reported significant growth in trading volume and value. The exchange witnessed trade of 3,154,093 tons of commodities with a total trading value of nearly $712 million, marking an 18 percent increase in volume and 20 percent increase in value of trades compared to the previous week.

    According to the IME's Public Relations and International Affairs Department, the exchange's metals and minerals trading floor saw trade of 2,555,886 tons of commodities worth nearly $434 million. The floor sold 1,327,505 tons of cement, 608,000 tons of iron ore, 423,871 tons of steel, 175,000 tons of sponge iron, 60,600 tons of zinc, 13,335 tons of copper, 10,425 tons of aluminum, 500 tons of cast iron, and 200 tons of molybdenum concentrate.

    The oil and petrochemical trading floor of the IME witnessed trade of 527,530 tons of commodities valued at more than $245 million on both domestic and export rings. The commodities traded on this floor included 160,831 tons of bitumen, 137,000 tons of vacuum bottom, 102,349 tons of polymeric products, 58,000 tons of lube cut, 39,144 tons of chemicals, 23,320 tons of sulfur, 5,058 tons of base oil, 2,008 tons of petroleum products, 290 tons of gas feedstocks, and 200 tons of insulation.

    In addition, the IME traded 70,677 tons of commodities on its side market during the same week. The IME is one of the four major stock markets in Iran, along with the Tehran Stock Exchange (TSE), Iran's over-the-counter (OTC) market, known as Iran Fara Bourse (IFB), and Iran Energy Exchange (IRENEX).

    The strong growth in trading volume and value on the IME is a positive indicator for the Iranian economy. The IME plays an important role in facilitating trade of various commodities, including metals, minerals, petrochemicals, and agricultural products. The exchange's successful performance is a testament to the resilience of Iran's economy, despite the challenges posed by international sanctions and other external factors. The IME's ability to attract both domestic and foreign investors is a positive sign for the continued development of Iran's non-oil sectors.

    MENAFN26042023000045014228ID1106100029

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