The Hindu Business Line : NMCE alters norms for cumin seed futures

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Ahmedabad Feb. 6 As per the demand of traders and processors, among others, the National Multi-Commodity Exchange (NMCE) has modified cumin seed (jeera) specification in `test weight' for futures contract.

Cumin seed of fair average quality - pure machine cleaned - will now on be traded in `test weight' on count of up to 300 seeds per gm, instead of 280 seeds per gm earlier.

The exchange has also received the permission of the Forward Markets Commission (FMC), according to an NMCE release on Tuesday.

The commodity should also comply with the quality specifications of containing maximum one per cent foreign or extraneous matter, seeds with maximum 8 per cent stalks, maximum 8 per cent moisture during normal season and 10 per cent during monsoon, subject to discounting on pro-rata basis.

NMCE provides the platform for futures trading in the commodity in lots of three-tonne (50 bags of 60 kg net), Unjha (Gujarat) being the delivery centre.

Traders of Gujarat, Rajasthan, Uttar Pradesh, Delhi, Mumbai and other places have reposed their trust on the electronic trading platform of the NMCE in the past too.

The exchange has an inbuilt real-time price discovery system, backed by the warehouse receipt system of Central Warehouse Corporation (CWC).

The commodity is sown around October-November, while the harvest season has just begun.

However, production in other cumin seed producing countries such as Turkey, Iran, Syria, China and North Africa, affect its global prices.

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