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Our Bureau

Mumbai , Aug. 31

Multi Commodity Exchange of India Ltd (MCX) has commenced futures trading in Kapas (raw cotton or seed cotton) for the April 2007 contract.

The variety of Kapas permitted as per the contract specification is a fair average Kalyan cotton of Gujarat 13 variety and/or V-797 variety.

The exchange would relax the daily price limit by six per cent whenever the price hits the upper limit.

Participation

Mr Jignesh Shah, Managing Director and CEO, MCX, said, "Futures trading in Kapas is likely to give an effective tool to farmers and traders to hedge their price risk. Majority of traders are awaiting this contract and the exchange has initially received widespread participation from major cotton trading centres," he said.

Trading and delivery unit is four tonne (200 maund). Delivery centre is within 50 km of the municipal limits of Kadi, Viramgam, Lakhtar, Limbdi, Sunrendranagar and Bawla, a press release said.

More Stories on : Cotton | Commodity Exchanges

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