The Hindu Business Line : MCX delivers 145 t of chana physically

MULTI-COMMODITY Exchange of India Ltd (MCX) has successfully completed delivery-based settlement in agro-commodities, and 145 tonnes of chana (gram) physically delivered in the maiden settlement.

This is the largest quantity being delivered on any online commodity futures exchange in the country, an exchange release said.

MCX has recorded aggregated trading volume of Rs 1,218 crore in agricultural commodities over the last two months. The total volumes recorded in various pulse contracts include 32,080 tonnes of urad, valued at Rs 48.5 crore; 15,240 tonnes of chana (Rs 25 crore); 22,680 tonnes of yellow peas (Rs 14.32 crore); and 9,100 tonnes of tur (Rs 18.46 crore). Currently, around 1,200 tonnes Chana are traded daily, and the average open interest is 700 tonnes.

The current active September 2004 contract is witnessing consolidation of prices now, after touching a peak of Rs 1,741 a quintal in the last week of July. Currently, the chana market is trading around the range of Rs 1,640 a quintal. MCX has successfully completed settlement in the chana contract, and the Due Date Rate (DDR) arrived for the chana August 2004 contract is Rs 1,536 per 100 kg.

"The DDR witnessed in the chana contract settlement underscores the smoothness and practicality of the MCX delivery and settlement mechanism. The mechanism ensures that it protects the market participants' interest and doesn't result in erroneous situations leading to shake-up of the participants' confidence in the exchange settlement mechanism," Mr Joseph Massey, Deputy Managing Director of MCX, said.