The Hindu Business Line : NCDEX launches raw jute, guar gum contracts

NCDEX launched two more commodities — guar gum and raw jute — on Monday to the existing 17 commodities presently traded on its platform, according to an exchange release.

Volume traded and open interest in guar gum on the first day of trading till 4 p.m. was 1010 metric tonnes and 560 metric tonnes respectively.

In case of raw jute, volume traded and open interest on the first day of trading till 4 p.m. was 680 metric tonnes and 440 metric tonnes respectively.

Open interest to volume-traded ratio was 55 per cent and 65 per cent respectively.

Raw jute contract of NCDEX was launched from Microsec Commerze Ltd, Kolkata by Mr Sanjay Kajaria, President of Indian Jute Mills Association, Kolkata & Director Hastings Jute Mill, Kolkata.

At the inauguration Mr Sanjay Kajaria said, "The jute industry has always felt the need for a fair, demutualised and transparent exchange for trading on jute futures.

This gap is being filled with NCDEX entering the raw jute futures trading arena. I have been closely associated with the raw jute futures of NCDEX right from the conception of the product itself.

I would like to urge all the participants of the jute industry to utilise the NCDEX platform and derive the benefits of futures trading in jute."

Mr Uday Merchant, Managing Director of Lucid Colloids, India's largest guar gum manufacturing company inaugurated the guar gum contract on NCDEX by entering the first order from NCDEX's Mumbai office.

"Futures contracts on the NCDEX platform will be extremely useful to guar manufacturers since they provide an excellent hedging mechanism and promote transparency within the trade," said Mr Merchant.

At the NCDEX, 186 members participated in trading on July 26, 2004 up to 4 p.m. There were around 11,160 trades put through by them.

There were active trades in all contracts relating to, among other things in guar seed, chana, refined soya oil, silver and gold.

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