The Hindu Business Line : NMCE records high raw jute futures volume

RAW jute futures at the National Multi Commodity Exchange of India (NMCE) registered a high volume of 1,044 tonnes valued at Rs 11 crore on a single day on July 8.

NMCE, which after receiving formal approval from the Forward Markets Commission to commence futures trading in raw jute, had launched futures contracts.

In just 31 days time, Colin Traders Ltd, Kolkata, has recorded total volume of 12,736 tonnes valued at Rs 134.97 crore.

In 1964, the Government suspended futures trading in raw jute in the wake of alleged price manipulations by vested interests, which had an adverse impact on over 4 million farmers in the eastern region.

"Such encouraging response to raw jute futures is bound to help in achieving our aim of creating a bridge between the farmers and the industry. Both will be the beneficiaries of our price discovery mechanism, which will prevent unwarranted price movements during a bumper crop and shortages. We are aware of the vital role being played by the jute sector in the economy of the eastern region, which provides livelihood to millions of farmers and workers," Mr Kailash Gupta, Managing Director of NMCE, said.

NMCE, which is the only commodity exchange in the world to have received ISO 9001:2000 certification from British Standard Institutions (BSI), has currently 350 traders participating in its network covering 94 locations.

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