The Hindu Business Line : Pak commodity exchange evinces interest in NMCE

NATIONAL Commodity Exchange Ltd (NCE), Pakistan's first commodity futures exchange, has evinced interest in India's first online commodity futures exchange, National Multi-Commodity Exchange of India (NMCE).

The NCE has enquired about contract specifications of wheat and rice futures, which launched by NMCE on December 13, 2003.

Formed with 40 per cent equity capital from Karachi Stock Exchange and 10 per cent each from Lahore and Islamabad Stock Exchanges, and the National Commodity Exchange Ltd, will be trading in wheat, rice, sugar, cotton and gold.

"This is a good beginning for commodity futures trading in the region. Of late we have been receiving proposals from some of the leading trading houses from Pakistan for trading in oilseeds, vegetable oil and oil cakes," Mr Kailash Gupta, Managing Director of NMCE said, in a release.

"Additionally, traders and companies from Singapore, Malaysia and China have also shown keen interest in trading on NMCE. We will be seeking permission from the Centre Government to allow the foreign firms to trade on our Exchange," he said.

With over 324 traders at 115 different locations in the country, NMCE is currently trading in 56 commodities.