Financial Daily from THE HINDU group of publications
Tuesday, Dec 16, 2003
Financial Daily from THE HINDU group of publications Tuesday, Dec 16, 2003 |
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Agri-Biz & Commodities
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Commodity Exchanges NCDEX begins online commodities trading Our Bureau
Mumbai , Dec. 15 THE National Commodity & Derivatives Exchange Ltd (NCDEX) on Monday launched its online commodities trading in all nine major commodities. Mr S.B. Mathur, Director, NCDEX and Chairman, Life Insurance Corporation of India (LIC), inaugurated the exchange's operation this morning. ``NCDEX on its first day witnessed a turnover of over Rs 20 crore (one side) put in through 585 trades by 105 users. There were active trades in all the contracts relating to gold, silver, cotton, soyabean, soyabean oil, rape/mustard seed, rapeseed oil, crude palm oil and RBD palmolein.''"Today, we have commenced online trading of nine commodities with 16 concurrent contracts. We have received very good response on the first day of trading," Mr Narendra Gupta, Chief Business Officer of the NCDEX said, at the launch. " Price spread was very narrow, indicating serious trading interest. The exchange will also provide spot prices of important commodities three times during the day," said Mr P.H. Ravikumar, Managing Director and Chief Executive Officer of NCDEX. The exchange has received applications from about 500 prospective members, of whom nearly 430 have been short-listedThe trade timings will be 10.00 a.m. to 4.00 p.m. "We have set for ourselves global benchmarks in our performance, technology and risk control measures; all our operations would be transparent," said Mr Ravikumar. "To achieve this, we have built a state-of-the-art technology platform and have tied up with well known names in the areas of clearing and settlement banks, depository participants, warehouses, vaults, certifying and assaying agencies, price collection, verification and dissemination agencies," he said. "The next commodities list includes aluminium, copper, tea, coffee, jute, rubber, wheat and rice, sugar and also rainfall indices. For new membership, the exchange will start a second round of road shows at around 40 places in the country," he said.
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