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Our Bureau

Eyes daily turnover of Rs 100-200 cr

Kochi , March 9

Relaunching copra futures on Thursday, Mr Kailash Gupta, Managing Director of National Multi-commodity Exchange of India (NMCE), told newspersons that he expected a daily turnover of Rs 100-200 crore provided there is maximum participation from all over the country, particularly from Kerala, Tamil Nadu, and Andhra Pradesh.

The quality parameters of copra will be Agmark Grade I with six per cent moisture and 64 per cent oil content from mechanical extraction, he said, adding that minimum unit of trading is one tonne.

He also said that there is no price discovery mechanism for copra in the country.

Through active trade in copra futures, the hedging facility in copra will certainly reverse the current trend of derived copra prices. A strong market in copra can significantly influence coconut oil prices, he said.

The current system of deriving value/price for copra from coconut prices is not conducive to a market-driven price discovery mechanism and is symbolic of the relatively poor bargaining position of coconut farmers and copra converts.

Speaking on the occasion, Ms Minnie Mathew, Chairman of the Coconut Development Board (CDB), said that the board would play the role of facilitator to bring all stakeholders into trading.

The CDB is planning a market literacy programme for ensuring wider participation of coconut farmers from various places.

The board has conducted a study through IISc, Bangalore for preventing adulteration, which suggests facilitating online trading for copra.

More Stories on : Coconut & Copra | Commodity Exchanges

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