Egypt’s commodities exchange plans to add iron, gold, cotton to its spot-trading platform
Egypt’s commodities exchange is planning to add some non-agricultural produces such as iron, gold, and cotton to its spot trading platform, said its chairman Ibrahim Ashmawy on Sunday.
Last week, Egyptian government announced last week the formation of a commodities exchange to trade of wheat, oils, sugar and rice beginning in the first half of 2021.
The North African country established the exchange to provide protection for small farmers and producers and make their stocks available to the wider market.
The exchange will have 91 million Egyptian pounds ($5.78 million) in capital. Its shareholders include the General Authority for Supply Commodities (GASC), Internal Trade Development Authority (ITDA), the Egyptian Holding Company for Silos and Storage, and the Egyptian stock exchange (EGX), accounting for 50 percent stake.
Other potential shareholders – standing for 49 percent stake – involve Misr for Central Clearing, Depository and Registry (MCDR), Misr Insurance Holding, Federation of Egyptian Chambers of Commerce (FEDCOC), besides state-owned, commercial, and investment banks.