CIC aims to revolutionise commodities trading

By facilitating online business-to-business trades, it can reduce transaction costs for buyers and sellers

Uma Devi

Published Sat, Jan 2, 2021 · 05:50 AM

Singapore

IN the world of commodities trading, Commodities Intelligence Centre (CIC) is a relative minnow. Nevertheless, it hopes to "revolutionise" commodities trading by facilitating online business-to-business (B2B) trades, promising to reduce transaction costs for buyers and sellers of a wide variety of commodities.

Commodity producers are "regularly exploited" in a system that involves many middlemen facilitating trades between producer and end-user, said CIC's chief executive Peter Yu.

They accept lower prices because they lack access to market information and have little bargaining power. CIC aims to change this by introducing a greater degree of transparency in t…