Will Iran become the reference for saffron pricing ?
In 2018, the futures contract and the option of saffron transactions were launched on the Commodity Exchange And officials expressed hope that Iran would become a price reference for saffron in the world.
Iran is the world’s first producer of saffron. So that alone produces about 90% of the world’s saffron But this monopoly on production, It has not been able to play a role in pricing.
For many years, Iranian saffron has been exported to countries such as Spain in various ways And there is a package And it is offered in the world under the name of the product of these countries. These countries play a key role in pricing saffron in the world And they pocket the main profit of the saffron deal.
June of this year, the first futures contract for saffron with the maturity of September 2018, It was launched in Iran Commodity Exchange And the holders of the trading code of futures contracts on the stock exchange traded this product.
In the first saffron futures contract, The size of each contract is 100 grams of premium sliced saffron (Negin) As a base asset and the daily price fluctuation of saffron in these transactions is also positive And the negative will be three percent compared to the previous day’s settlement price.
Also, after a while, the Iranian Commodity Exchange announced the launch of the saffron futures market Given the widespread acceptance of market participants by launching futures trading And the certificate of saffron deposit and its positive effect on the transparency of saffron prices And the elimination of intermediaries, commodity exchanges, trading options, saffron trading options Also launches. Finally, in the first half of March 2018 The authority to trade saffron was also launched. Isna News
Capital market officials believe that the supply of saffron on the stock exchange, It brings Iran one step closer to global saffron pricing But at the same time, everyone knows There are many steps left to achieve this goal.
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