The Hindu Business Line : Comdaq to launch iron ore futures facility

THE London-based Commodity Dealers Automated Quotation Network (Comdaq.net) will launch futures contract facility for iron ore from February 14. The facility will be available on its Web site www.comdaq.com.

"To assist customer matching Comdaq are adding a forward contract facility to their physical exchange," said the company, which provides a range of industry support tools, from an exchange function, through specialist auctions and tenders, including provisions for broker involvement, in a statement.

The effort to provide this facility follows a surge in interest on its iron ore exchange, reflecting increased demand for steel, predominantly from China.

The firm said a specialist broking team would consolidate future buyer interest and seek to match the requirement with notified availability.

Consumers will be allowed to choose a range of price options, being mainly either fixed or at market on delivery. To facilitate this, Comdaq will publish a daily price on an f.o.b basis and shipping cost index. The details of this fix and the associated differentials from the location and distance will be found on the Web site's open offers page for iron ore.

The broking team will also seek to assist buyers and sellers with a negotiated swap option.

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