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13-07-2021, 10:16

Belarusian Universal Commodity Exchange introduces price band for lumber

The Belarusian Universal Commodity Exchange (BUCE) has set a pre-trading price band with a fixed upper cost limit for trading lumber on the domestic market in order to curb further growth in lumber prices for domestic consumers, BUCE Press Secretary Roman Yaniv told BelTA.

Фота з архіва

The price band is valid from 9 July through 28 July and applies to any standard sizes and delivery terms, product names, grades and moisture content. “The price band is a standard exchange instrument. It is used to smooth out price fluctuations amidst high volatility in a particular segment of the commodity exchange market,” Roman Yaniv explained.

For example, a price band with a fixed cap is invariably in place while trading in ferrous metals. This prevents sellers from setting excessively high prices. At the same time, the price band's floor is set for dairy products slated for export to prevent the sale of these products at prices below the market value. “As far as lumber is concerned, the main goal of the price band is to prevent bidding from going way over the asking price. Taking into account the increased number of sellers and products put up for auction, this measure will help stabilize prices and calm down buyers,” the press secretary emphasized.

Trading sessions to sell lumber on the domestic market are held at BUCE on a weekly basis. About 2,000 cubic meters on average are put up for sale. In H1 2021, 1,684 transactions worth Br28.9 million were made at these sessions. Their number tripled and the amount of contracts quadrupled. At the same time, in order to prevent price manipulation and misuse, the access to trading sessions is given only to buyers who purchase lumber for their own production or consumption and who have provided a certificate confirming their own production or another document confirming the intended use of lumber.

Founded in 2004, the Belarusian Universal Commodity Exchange conducted its first trading session in June 2005. BUCE is one of the largest commodity exchanges in Eastern Europe. Its main function is to assist Belarusian enterprises with export and foreign companies with entering the Belarusian market. BUCE sells a wide range of metal, forestry, and agricultural products, industrial and consumer goods.

Source: БелТА

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