Cairo – January 21, 2024: Egypt’s commodities exchange seeks to increase the number of products trading on the platform sometime this year, with potential additions including petrochemicals and additional agricultural produce.
CEO of the Egyptian Commodities Exchange (EGYCOMEX), Hossam El Garrahi, recently disclosed that the exchange is looking to introduce petrochemicals, iron, cotton, and additional agricultural produce to the platform.
During the recent inaugural commodity exchange conference, the CEO explained that negotiations with the marble sector to include marble products for trading are in the advanced stage, noting that the exchange is in discussion with the General Petroleum Authority to include grease and oil products as well.
Regulations for membership are being finalized and expected to be approved at the first board meeting to be held soon, he added.
The EGYCOMEX is currently focused on its transition from auctions to actual trading, and is concentrating on preparing trading operation regulations, he added.
Additionally, the trading platform is looking to collaborate with investment banks to implement a hedging mechanism against price fluctuations for essential commodities, explained Ibrahim Ashmawy, the Assistant Minister of Supply, in a press conference last week.
Ashmawy, also chairman of the Egyptian Mercantile Exchange (EME), highlighted the state’s strategic reserve of commodities, noting that it has secured enough reserves for six months.
The EME chairman added that, at the time, LE 19 billion worth of commodities had been offered through the exchange.
Ashmawy explained that this was around 1.5 million tons of nine commodities; wheat, yellow corn, corn, bran, sugar, soybeans, salt, gold, and silver bullion.
There are currently 500 entities executing trades out of 1,450 registered companies, he explained.
Be Social
Comments
Leave a Comment