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Wednesday, Jun 16, 2004

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NMCE launches futures in raw jute

Dhimant Bhatt

Mumbai , June 15

THE National Multi-Commodity Exchange of India (NMCE) has launched futures trading in raw jute (TD-4 grade) from June 7.

"Trading in September contract resumed on June 7. However, it's a soft launch and volume of trades is low. Last week, average number of trades was around 50/100 per day. Number of units traded was around 100-150 per day," Mr Kailash Gupta, Managing Director of the Ahmedabad-based NMCE, told Business Line.

Unit of trading and units of delivery is same at 10 tonne. Price quotation is in rupees per 100 kg. Delivery centre is CWC warehouses in Kolkata. Number of delivery contracts will be 12-month contracts.

"Market last week was volatile. September contracts opened at Rs 1,065 per 100 kg on June 7 on a steady note. Last traded price at NMCE for September June contracts was Rs 1,100 per 100 kg on Monday.

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