Business Daily from THE HINDU group of publications
Tuesday, Oct 31, 2006
ePaper
Business Daily from THE HINDU group of publications Tuesday, Oct 31, 2006 ePaper |
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Agri-Biz & Commodities
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Commodity Exchanges Technical snag: Report sought from NCDEX Gargi Shah
Mumbai , Oct. 30 The Forward Markets Commission (FMC) has sought a report from National Commodity and Derivatives Exchange Ltd (NCDEX) regarding technical problems that had forced the exchange to suspend trading temporarily on Saturday. FMC has also deputed a team of officials to prepare a detailed report on market operations, said Mr Rajeev Kumar Agarwal, Member of FMC. The report also seeks to include information relating to the price trend in the agro futures market and issues related to quality. "We have directed the exchange to ensure delivery of commodities as per the contract specifications," said Mr Agarwal, adding that the last delivery of chili has been effected without any complaints. The possible explanation for backwardation in the futures prices of certain commodities may be due to concerns over quality issue. The exchange provides trading services through leased lines, VSAT and Internet. Fifty per cent of the trading is through leased lines and Internet and the rest through VSAT. Technical problem was only in 450 lines of VSAT, said Mr P.H. Ravikumar, MD & CEO of NCDEX. However, the trading was suspended to detect where the problem had arisen, he added.
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