The Hindu Business Line : Record turnover in rubber, pepper futures on NMCE

THE National Multi-Commodity Exchange of India (NMCE) has achieved a record turnover in rubber and pepper futures in terms of both volume and value during the last three trading sessions.

According to an exchange release, on January 19, 1,406 lots of rubber were traded at a total value of Rs 8.26 crore and pepper in 3,046 lots at a total value of Rs 26.13 crore.

Earlier on January 16, rubber was traded in 2,276 lots at a total value of Rs 12.82 crore and pepper in 1,876 lots at a total value of Rs 15.03 crore.

On January 17, a half-day trading session on account of Saturday, rubber futures traded at 1,332 lots valued at Rs 7.68 crores and pepper at 1,870 lots valued at Rs 16.47 crore.

In gold, rubber as well as in pepper futures, the exchange recorded settlement by 100 per cent deliveries during the last six months.

This is the first time that these commodities have been settled on an electronic trading platform using the warehouse receipt mechanism in India.

"Successful delivery mechanism through warehouse receipt system indicates the strength and edge of NMCE among other commodity exchanges, which are operational in our country. NMCE has been successful in delivering the above mentioned commodities with 100 per cent efficiency and will continue its performance in several other commodities which it is offering under its fold,'' said Mr Kailash Gupta, Managing Director of NMCE.

Both pepper and rubber generally commanded a higher price for longer maturities, and the volumes and values traded also increased with maturities, clearly indicating a bullish trend.

In rubber, the closing price for 292 lots having maturity on February 14, 2004 was Rs 5,157 (valued at Rs 1.5 crore) as against the closing price of Rs 5,962 for 858 lots maturing on June 15 (valued at Rs 5.12 crore).

In pepper, the closing price for 68 lots having maturity on February 14 was Rs 7,400 (valued at Rs 51 lakh) as against the closing price of Rs 8,026 for 456 lots maturing on June 15 (valued at Rs 3.73 crore).

More Stories on : Commodity Exchanges | Spices & Condiments | Rubber

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