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Origo Commodities has launched an e-auction platform to help stakeholders such as farmers, traders and agri-processors to procure and sell commodities. The platform offers options such as price discovery, price risk, trade settlement, forward and reverse auction among others, the company said in a statement.
Participants can register on the platform digitally using their mobile phones, receive notifications on upcoming auctions and realise their payments directly. The auction platform offers the capability of forward auction (to sell) and reverse auction (to purchase) commodities, Origo said.
The auction platform will be useful for both private and government entities, the company claimed. Government entities can use the platform for sale of additional stocks in the open market and for MSP procurement from farmers. “After successes in the structured trade and supply chain, our efforts are now focused on streamlining through digital platforms that can address all concerns related to the commodities ecosystem,” said Sunoor Kaul, Co-founder, Origo Commodities.
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