Iran planning to minimize government's expenses via offering goods in IME

Managing Director of Iran Mercantile Exchange (IME) Hossein Panahian underlined his organization's eye-catching role in decreasing government's costs, and expressed the hope that the country would witness an economic boom through trading all commodities in the IME. Speaking at the opening ceremony of introducing forward contracts of cumin, Panahian said that offering commodities in the IME is also on the benefit of manufacturers and producers in various industrial and agricultural fields. Earlier this month, a report said that Kazakhstan has preferred offering its high-quality commodities in the IME as a main gate to the lucrative markets of Iran and the regional nations. Several tons of Kazakh barley has thus far been traded in the IME where so many domestic and international traders seek to offer, supply and market various kinds of commodities with reliable and up-to-date prices. In April, a source at the IME said that Iran Mercantile Exchange continued its progressive trend of trading, and experienced an eye-catching increase of 53 percent. The source said that more than 651,000 tons of various types of commodities were traded in the IME with the total value of $367mln. The source went on to say that 420,000 steel products were also traded in the IME with the total value of $212mln which shows a 135 percent increase in terms of volume and 128 percent growth in terms of value. Total amount of 69000 tons of bitumen was also traded in the IME's oil and petrochemical trading floor and in the polymer products group of this trading floor, the source pointed out. Also, 56,000 tons of various types of commodities were traded in the IME which registered the 22 percent growth. In the chemical group more than 30,000 tons of various types of commodities were traded. Meantime, 40000 tons of VB, 21,000 tons of Lube cut, 8,600 tons of Sulfur, 500 tons of Wax were traded during last trading week of the IME. The agricultural brokers of the IME also succeeded in selling 200 tons of Iranian Sugar. 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 the clients in and out of the country. 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 the end users, Providing venue for government sales and procurement purchases, Providing Trading platform and user interface, Providing Clearing & Settlement services, Risk management, Technology services, Training and education of the market participants.