Turkey Specialized Products Stock Exchange has started trading in cotton, next in line are raisins

Turkey Specialized Products Stock Exchange INC. focused on preparations for raisins this time after cotton started to be traded with the first electronic product bill on March 17th.

Ali Kirali, General Manager of Turkey Specialized Products Stock Exchange INC. (TURIB), told Anadolu Agency (AA) that electronic product bills (ELUS) that enable the digitization of agricultural products can only be traded at TURİB.

He stated that the licensed warehouses where the products represented by ELUS are stored are one of the main pillars of the commodity exchange and that 126 licensed warehouses with 7 million tons capacity have been serving in 36 provinces, 110 districts and 184 points as of this month.

Kirali pointed out that two licensed warehouses with operating permits, specific to cotton, are operating in Izmir and Sanliurfa with a capacity of 37 thousand tons.

“The first cotton transaction in TURIB took place at the session dated March 17, 2021, with an ELUS of approximately 26 tons of cotton produced by ELIDAS/Izmir Cotton Licensed Warehouse with ₺15.7 per kilogram. The fact that cotton, which is a strategic product due to the employment it provides to our country’s economy and the added value it creates, is being traded in TURIB is the first step in the formation of a liquid and deep cotton market in our exchange, and it will contribute significantly to both our stock exchange and the sector in the future. The prices formed in the cotton ELUS transactions also provide convenience to our banks in the valuation of cotton ELUS loans.”

Kirali pointed out that agricultural products that are traded as ELUS in TURIB are mostly products of strategic importance for the food and livestock sector such as wheat, corn and barley, and added saying, “In 2020, shelled pistachios and dried apricots were added to the ELUS’ product range. Studies are underway to add raisins to the ELUS product range.”

“Cotton ELUS transactions will increase with promotional activities”

Izmir Commodity Exchange Board of Directors Treasurer Bulent Ucak also reminded that the last cotton ELUS transaction was carried out in the Izmir Commodity Exchange Electronic Transaction Platform in 2015 before TURIB and said, “We can expect an increase in cotton ELUS transactions with the promotion and infrastructure improvement activities to be carried out.”

Baris Kocagoz, Chairman of the Board of Directors of ELIDAS, stated that it is very important to start the cotton ELUS markets in a period when agricultural products trade has become difficult and its importance has increased.

Source: AA / Translated by Irem Yildiz

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