Egypt’s Mercantile Exchange is considering trade in aluminum, gold

Unnamed sources told local media that Egypt’s Mercantile Exchange (EMX) considers trading in aluminum and gold during the second half of 2023.

Trading in aluminum is more likely than gold, pointing out that trading in gold will be linked to the procedures of announcing prices on the screens of the Egyptian Stock Exchange, which is expected to be completed soon.

The aim of adding these commodities is that they are highly traded and go through multiple price fluctuations, sources said.

The Egyptian Mercantile Exchange (EMX) was formed as part of Egypt’s plan for the development of its internal trading. It provides protection for farmers and producers by collecting and classifying their commodities, before having them available to all participants’ in a regulated market in a way that contributes to increasing the competitiveness of small farmers and producers.

The Financial Regulatory Authority (FRA) recently approved the launch of the first Egyptian gold investment fund run by Evolve Azimut, a joint venture between Evolve Holding and Azimut Egypt.