Value of trades at IME rises 2% in a week

As reported by the IME Public Relations and International Affairs Department, over 693,030 tons of commodities worth over $1.238 billion were traded at this exchange over the past week, and the volume of trade experienced a 12-percent weekly growth.

The report says that last week, on the domestic and export metal and mineral trading floor of IME, 244,689 tons of various products worth $592 million were traded.

On this trading floor, 240,804 tons of steel, 2,000 tons of aluminum, 1,040 tons of copper, 250 tons of molybdenum concentrates, 15 tons of precious metal concentrates, 580 tons of zinc ingot as well as 20 kg of gold bullion were traded by the customers.

The report also declares that on domestic and export oil and petrochemical trading floors of IME, 444,911 tons of different commodities with the total value of $779 million were traded.

On this trading floor, 127,000 tons of VB feed stock, 157,605 tons of bitumen, 72,825 tons of polymer products, 36,303 tons of chemical products, 38,043 tons of lube cut oil, 170 tons of argon, 1,160 tons of insulation, 1,717 tons of base oil as well as 5,130 tons of sulfur were traded.

Furthermore, 3,430 tons of commodities and a commercial unit were traded on the side market of the IME.

 As previously reported, commercial property was offered at the IME for the first time on Wednesday.

The side market of the IME hosted the offering at the base price of 10.639 billion rials (about $253.3 million).

Also as announced on Friday by the IME director of economic studies, 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 slaf 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.