The Hindu Business Line : NCDEX spot exchange launch in Oct-Nov

NCDEX plans to invest Rs 12-15 crore to set up electronic spot exchanges acrorss the country, Mr P.H. Ravikumar, Managing Director and CEO of NCDEX told reporters here on Tuesday.

Efficient value chain

He said NCDEX proposed to start the trading in October-November this year.

Mr Ravikumar, who was here in connection with a seminar on opportunities in commodities futures jointly organised by NCDEX and Infarm Agro Movement, said agricultural commodities to be taken up for spot trading in Rajasthan were mustard, pulses and guarseed, whereas in West Bengal it would be jute, potatoes and rice.

The exchange would gradually extend spot trading to other agricultural commodities such as cotton, all spices, coffee and cashew, he added.

Spot prices on the electronic exchange platform would reflect the fundamentals of demand and supply.

Hence, transparency would be assured in arriving at the final settlement price for settlement of futures contracts, he said.

Remunerative to farmers

The trading will bring down the number of intermediaries and help farmers realise remunerative price for their produce.

Earlier, speaking at the awareness programme, the Chairman of the Infarm Agro Movement, Fr Mathew Vadakkemuriyil said that commodity exchanges should come close to farmers in a bid to spread awareness about the benefits of futures trading in commodities. Farmers have an apprehension on the futures market as they were of the view that prices are being manipulated, he said.

In futures, Infarm wanted the farmers should derive benefits from commodity exchanges. They need to be educated about the advantages of these exchanges, he added.

More Stories on : Commodity Exchanges | E-Commerce & E-Business

Article E-Mail :: Comment :: Syndication :: Printer Friendly Page

Stories in this Section
NCDEX spot exchange launch in Oct-Nov

AP releases flood-tolerant rice for trial

Tea output may be hit in upper Assam

A `lip-package' for farmers?

Spot rubber rules steady

Sugar export ban hits TN mills

Plea to set up SEZ for tea in Coimbatore

Monsanto anxious over pricing of Bt cottonseed

Maize prices soar in TN

Centre decides to cap import of Lankan pepper

Pepper futures market fall

Commodity markets look for fresh leads

Drawing attention

Floods damage cotton, oilseeds crops