Pakistan Mercantile Exchange
Pakistan's centralized and regulated futures exchange for commodity and other derivative contracts.
Last updated August 24, 2026
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Overview
Pakistan Mercantile Exchange (PMEX) is a futures and commodity derivatives exchange headquartered in Karachi, Pakistan. It was established in 2005 under the name National Commodity Exchange Limited and began full trading operations on 11 May 2007. The exchange operates as an electronic marketplace with nationwide reach, providing a centralized venue through which eligible market participants can trade standardized futures contracts. PMEX was created to develop organized commodity derivatives trading in Pakistan. Its activities are regulated by the Securities and Exchange Commission of Pakistan (SECP), and the exchange has been described as Pakistan's only centralized and regulated platform dedicated to commodity futures trading. Its market infrastructure is intended to provide standardized contracts, electronic execution, and exchange-based trading rather than bilateral, informal, or fragmented commodity transactions. The exchange initially concentrated on gold futures. Its first physical delivery of gold took place in August 2007, marking an early step in connecting derivatives trading with deliverable commodity contracts. PMEX subsequently expanded its product range into agricultural commodities, edible oils, interest-rate-related contracts, energy, and precious metals. Rice futures were introduced in March 2008, palm olein futures in June 2008, and KIBOR futures in January 2009. Crude-oil and silver contracts followed in November 2009, while a sugar contract was added in June 2011. Gold, silver, and crude oil have been among the exchange's principal traded commodities. Its published contract range has included multiple gold denominations and lot sizes, including one-ounce, 100-ounce, one-tola, 50-tola, 100-tola, kilogram, 100-gram, and 10-gram mini-gold contracts. Tola-gold and mini-gold contracts were identified as deliverable products. Silver contracts have included 100-ounce and 500-ounce sizes, while crude-oil contracts have included 10-barrel and 100-barrel sizes. The introduction of smaller silver and crude-oil lots was intended to broaden accessibility to those markets. PMEX has also developed its trading technology. In a later platform initiative, it began offering MetaTrader 5 to market participants, adding a widely used electronic trading interface to its existing exchange infrastructure. The exchange's electronic model allows it to serve participants across Pakistan rather than limiting trading to a physical marketplace in Karachi. Reported activity has varied over time. The exchange recorded trading volume of approximately Rs 306 billion in October 2018, according to the cited reference material. No current financial, ownership, capitalization, or market-share information is established in the supplied sources. PMEX's core positioning remains that of a regulated national marketplace for commodity futures and related derivatives, with a product portfolio spanning precious metals, energy, agriculture, edible oils, and selected financial contracts.
History
Pakistan Mercantile Exchange was established in 2005 as National Commodity Exchange Limited. Its formation created an institutional framework for organized commodity derivatives trading in Pakistan. Rather than operating as a conventional spot commodity market, the exchange was designed to provide standardized futures contracts, centralized electronic order matching, and a regulated venue for participants seeking exposure to commodity prices or tools for hedging. The exchange began full trading operations on 11 May 2007 as a fully electronic platform with nationwide reach. Its initial listed product was gold. The first physical delivery of gold through the exchange occurred in August 2007, demonstrating that the platform supported deliverable contracts as well as cash-settled market activity. This early focus on gold established precious metals as a central part of PMEX's product identity. PMEX expanded progressively after its launch. IRRI-6 rice futures were introduced in March 2008, adding an agricultural commodity associated with Pakistan's domestic economy. Palm-olein futures followed in June 2008, broadening the exchange into edible oils. In January 2009, the exchange added KIBOR futures, extending its product range beyond physical commodities into an interest-rate-related contract. Crude-oil and silver contracts were listed in November 2009. A sugar contract was added on 27 June 2011. Over time, gold, silver, and crude oil became prominent products on the exchange. PMEX listed several gold contract sizes, ranging from small mini-gold and one-tola denominations to larger 100-ounce and kilogram contracts. Its silver products included 100-ounce and 500-ounce contracts, while crude oil was available in 10-barrel and 100-barrel sizes. Smaller lot sizes for silver and crude oil were introduced in June 2011, a product-design change that could make participation possible for market users with lower contract-value requirements. The exchange's operations are regulated by the Securities and Exchange Commission of Pakistan. Its electronic structure gives it a national operating scope despite its Karachi headquarters. PMEX later added MetaTrader 5 access for market participants, reflecting continued development of its technology and trading interfaces. The supplied reference material reports trading volume of Rs 306 billion in October 2018. Current management, ownership, financial results, and later product developments are not identified in the available material, so those areas remain unresolved.
- 2011
Sugar contract added
[1]PMEX added a sugar contract on 27 June 2011.
- 2011
Smaller silver and crude-oil lots introduced
[1]The exchange introduced smaller contract sizes for silver and crude oil in June 2011.
- 2009
KIBOR futures introduced
[1]The exchange listed KIBOR futures in January 2009, adding an interest-rate-related product.
- 2009
Crude-oil and silver contracts listed
[1]Crude-oil and silver contracts were introduced in November 2009.
- 2008
IRRI-6 rice futures introduced
[1]PMEX expanded into agricultural derivatives by listing IRRI-6 rice futures in March 2008.
- 2008
Palm-olein futures introduced
[1]Palm-olein futures were added in June 2008, expanding the exchange's coverage of edible oils.
- 2007
Full electronic trading operations began
[1]PMEX began full trading operations on 11 May 2007 as an electronic exchange with nationwide reach.
- 2007
First physical gold delivery
[1]The exchange completed its first physical delivery of gold in August 2007.
- 2005
Established as National Commodity Exchange Limited
[1]The institution that later became Pakistan Mercantile Exchange was founded under the name National Commodity Exchange Limited.
Products and positioning
Pakistan's centralized and regulated commodity derivatives marketplace, offering nationwide electronic access to standardized futures contracts.
Precious metals · 2007
Gold futures
Gold was PMEX's initial traded product and remains one of its defining contract families. The exchange has listed multiple denominations and lot sizes, including one-ounce, 100-ounce, one-tola, 50-tola, 100-tola, kilogram, 100-gram, and 10-gram mini-gold contracts. Tola-gold and mini-gold contracts were identified as deliverable, linking exchange trading with physical gold settlement.
Precious metals · 2009
Silver futures
PMEX's silver offering has included 100-ounce and 500-ounce futures contracts. Silver was added alongside crude oil in November 2009. Smaller silver lots were subsequently introduced in June 2011, broadening the range of contract sizes available to market participants.
Energy · 2009
Crude-oil futures
Crude-oil futures were listed in November 2009. The exchange has described contracts based on 10-barrel and 100-barrel sizes, with smaller lots introduced in June 2011. These contracts extended PMEX's commodity coverage from metals into energy markets.
Agricultural commodities · 2008
IRRI-6 rice futures
IRRI-6 rice futures were introduced in March 2008. The contract represented PMEX's expansion into agricultural commodities and connected the exchange's derivatives activity with an important rice category in the Pakistani market.
Edible oils · 2008
Palm-olein futures
Palm-olein futures were launched in June 2008. Their addition diversified PMEX beyond metals and provided an exchange-traded instrument related to edible-oil prices.
Interest-rate derivatives · 2009
KIBOR futures
KIBOR futures were introduced in January 2009. This product broadened PMEX's scope from physical commodities and commodity-linked contracts into an interest-rate-related futures segment.
Agricultural commodities · 2011
Sugar futures
A sugar contract was added to PMEX's listed products on 27 June 2011, further extending its agricultural commodity coverage.
Trading technology
MetaTrader 5 trading platform
PMEX has offered MetaTrader 5 to its market participants as an electronic trading interface. The platform initiative complements the exchange's electronic operating model and provides participants with access through a widely used trading software environment.
Brand decisions
2011
Added sugar futuresProduct launchBackground
Agricultural commodities remained an area of product expansion for the exchange.
Action taken
PMEX added a sugar contract on 27 June 2011.
Aftermath
Sugar joined rice and other commodities in the exchange's agricultural derivatives offering.
2011
Introduced smaller silver and crude-oil contract sizesGeneration changeBackground
The exchange had listed silver and crude-oil contracts in larger lot sizes.
Action taken
PMEX added smaller contract sizes for silver and crude oil in June 2011.
Aftermath
The change diversified available lot sizes and potentially reduced the nominal exposure associated with participation in those markets.
2009
Added interest-rate, energy, and silver contractsProduct launchBackground
PMEX continued diversifying beyond its original gold market.
Action taken
KIBOR futures were listed in January 2009, followed by crude-oil and silver contracts in November 2009.
Aftermath
The exchange gained exposure to interest-rate, energy, and additional precious-metals markets.
2008
Expanded into agricultural commodities and edible oilsProduct launchBackground
After beginning with precious metals, PMEX sought to broaden the commodities available through its derivatives marketplace.
Action taken
The exchange introduced IRRI-6 rice futures in March 2008 and palm-olein futures in June 2008.
Aftermath
The product range expanded to include agricultural and edible-oil exposures in addition to gold.
2007
Adopted a fully electronic nationwide exchange modelStrategyBackground
At the start of full operations, PMEX was designed as an electronic exchange with reach across Pakistan rather than as a purely physical trading floor.
Action taken
The exchange began full trading operations using electronic market infrastructure on 11 May 2007.
Aftermath
This operating model enabled PMEX to present itself as a centralized national venue for commodity futures trading.
2007
Started with gold futures and physical deliveryProduct launchBackground
Gold was selected as the exchange's initial listed commodity.
Action taken
PMEX launched gold trading and completed its first physical gold delivery in August 2007.
Aftermath
Gold became a foundation of the exchange's product portfolio, including multiple contract sizes and deliverable denominations.
- Added MetaTrader 5 accessStrategy
Background
PMEX continued developing its electronic trading access for market participants.
Action taken
The exchange began offering MetaTrader 5 to its participants.
Aftermath
The platform became an additional technology channel for accessing PMEX markets; the supplied material does not specify the launch date or adoption results.
Recent events
- 2018
Pakistan Mercantile Exchange recorded Rs 306 billion in trading volume in October 2018[1]
Other
Reference material reported that PMEX registered trading volume of approximately Rs 306 billion during October 2018.
PMEX introduced MetaTrader 5 for market participants[1]
Product launch
The exchange began offering MetaTrader 5 as a trading platform to its market participants, extending its electronic trading technology offering.
Sources1 sources
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