The Hindu Business Line : Copra bourse seeks to trade rubber, tea

EFFORTS are on to convert the Copra and Coconut Oil Exchange here into a multi-commodity one to trade rubber and tea. The exchange has already submitted a request to the Forward Markets Commission (FMC) seeking its permission to commence futures trading in these two items.

Sources close to FMC told Business Line that the commission had already taken up the proposal for studying. Since it has become a precondition that the exchanges should have online trading facility before being granted permission, the copra exchange might have to create such facilities that involve substantial investment.

It is understood that the board of directors of the exchange is charting out a plan to mobilise the required funds for introducing online trading. Since futures trading in all commodities through well-run exchanges would be beneficial to the producers as well as the traders, FMC was in favour of setting up of multi-commodity exchanges, the sources said.

If the coconut oil exchange managed to create online trading facilities then it would overtake the International Commodity Exchange for futures trading in pepper.

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