The Hindu Business Line : Geojit reports rise in deliveries of contracts

Kochi April 14 Geojit Commodities Ltd has witnessed an increase in the deliveries as a result of the initiatives taken by the company to educate various stakeholders in utilising the futures market conditions.

The record delivery figures registered in commodity exchanges in March proved that commodity trade is no more speculative in nature or meant only for price discovery, it said in a statement. As per figures provided by it, more than 50 per cent of the total deliveries were carried out through Geojit Commodities.

Out of 8,386 tonnes of rubber delivery that took place through NMCE, 4,635 tonnes were through Geojit (56 per cent of total delivery). Among 3,830 tonnes of pepper, delivery took place on NMCE, 2,831 tonnes were made possible through Geojit (74 per cent of total delivery). In case of cardamom, out of 736 quintals of delivery, 171 quintals were delivered through Geojit (23 per cent of the total delivery).

Farmer input

Mr C.P. Krishnan, Head, Geojit Commodities Ltd, said in the statement that the record delivery was possible due to the active participation of farmers, especially small growers. When rubber prices went down, sale of the product through the futures market helped farmers to hedge their losses.

In the present scenario, spot prices are influenced by futures prices as in the international markets, and the situation is catching up with global standards, he said.