Iran’s Mercantile Exchange trades food products from Russia, Brazil, Argentina, India

Business Materials 6 September 2014 17:46 (UTC +04:00)

Baku, Azerbaijan, Sept. 6
By Fatih Karimov - Trend:

Kinds of food products from Russia, Brazil, Argentina and India were traded on Sept. 6 at Iran's Mercantile Exchange (IME).

Some 235 metric tons of Russian barley feed for animals, 205 metric tons of Brazilian corn fodder, 1,094 metric tons of Indian rice, and 125 metric tons of soy meal were offered to buyers at the IME, IRNA news agency said Sept. 6.

The IME trades in agricultural, industrial and petrochemical products on the spot and futures markets. It originally started as a domestic and regional market, but has now grown into the Middle East's largest and highest value commodities market.
The IME trades 180 commodities. The strategic priority of the IME is to become a benchmark for setting the price of certain commodities.

In the past two years, setting of price for bitumen in Iran has become an international reference. The IME's trades account for seven percent of Iran's GDP, according to Press TV.