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Pratim Ranjan Bose

Kolkata , Sept. 19

After launching forward contracts on Kufri Jyoti potato linked to Tarkeswar market, MCX is planning to roll out jute futures in West Bengal. The State is the highest producer of raw jute followed by Assam and Orissa.

According to sources, the launch of the jute futures may coincide with MCX's plan to launch a spot market on agri-products, two to three months down the line.

While plans are afoot to launch a spot market on potatoes, the exchange is working out the possibilities of rolling out spot as well as futures trading on agri-horticulture products such as tomato and pineapple.

Rice on radar

Rice, the prime agri-produce of the State, is also on the radar, however, MCX may take some time to enter in this segment as the State produces a number of rice varieties.

West Bengal stands first in rice production in the country. Meanwhile, during its brief stay of one week, the October contract on Kufri Jyoti potatoes generated an open interest position of 11,000 tonne. The daily turnover varies between Rs 2 and Rs 3 crore.

The contract was launched on September 11 and is currently quoting close to Rs 60 higher than the local spot rate of Rs 460 per tonne.

According to the broking community, the contract is doing well considering the fact that it was launched at the end of the season. Potato season ends in October in West Bengal and all the cold storages will go for annual maintenance beginning November 1.

"The contract has generated sufficient interest among the local traders and farmers. However, limited stock in the market and variation in quality of Kufri Jyoti potatoes in different producing zones within the State, are believed to be coming in the way of increased liquidity", said one player.

More Stories on : Jute | Commodity Exchanges | Rice

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