The Clap
The Ministry of Supply & Internal Trade announced that trading on the commodities exchange would begin the upcoming Sunday, with wheat being the first commodity on the exchange.
Need to Know
This exchange aims to group all commodities on one platform/market, which will help stabilize prices.
What
The General Authority for Supply Commodities (GASC) will release quantities of wheat from its stock of imported wheat to be sold to private mills.
The commodity exchange in Egypt will be a “present market,” meaning that commodities will be bought and sold at current market prices, with no opportunity for speculation on commodity prices.
So What
The GASC said that the biggest motive for establishing the commodity exchange is to fix and stabilize commodity prices, wheat in particular.
Now What
Ibrahim Ashmawy, head of the commodity exchange, said that other products that will be available on the commodity exchange are cotton, oil, rice, and gold.
