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Mumbai based Indian Commodity Exchange (ICEX) on Saturday said it has successfully launched the world’s first iron ore futures contract.
Total volume of all the three contracts - March, April and May 2011- was 246 lots (24,600 tonnes) valued at Rs 19.50 crore on the first day of trading.
ICEX iron ore March 2011 contract prices were up 1.20 per cent at Rs 8,069 a tonne while April 2011 contracts traded at Rs 7,628 a tonne, ICEX said in a statement here.
The contract will be on a monthly expiry basis with a trading unit of 100 dry metric tonnes (DMT). The delivery unit is 5,000 DMT.
In the international markets, the spot Australian benchmark iron ore price hit $185 a tonne on Friday while Indian iron ore price with 63.5 per cent iron content was quoted at $190 per tonne, including cost and freight.
“Based on the run up to launch of iron ore contract, trade volumes on the first day of trade on ICEX were robust with good participation and liquidity seen in its March and April contracts,” ICEX Chief Executive Officer (CEO) Mr Sanjay Chandel said.
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