Financial Daily from THE HINDU group of publications
Thursday, Sep 09, 2004
Financial Daily from THE HINDU group of publications Thursday, Sep 09, 2004 |
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Agri-Biz & Commodities
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Commodity Exchanges MCX flags off futures trade in wheat, rice Our Bureau
Mumbai , Sept. 8 THE Multi-Commodities Exchange of India (MCX) has commenced futures trading in wheat and rice from September 2 with significant participation from its members. About 22,800 tonnes of wheat worth Rs 1,806.26 lakh was traded in three days. "Wheat and rice futures will bring benefits to both farmers and consumers. The Government is also keen on promoting futures trade in agriculture commodities, which will provide immense possibilities of volume in futures trading in the days to come," said Mr Jignesh Shah, Managing Director of the exchange. "The grain trade has entered into a new era with the start of the futures trading in wheat and rice on MCX. In fact, till two years ago, it was not possible to think about futures trading in grains, but now, the vision has changed with the start of the national level online commodity exchanges," said Mr Sharad Maru, President, The Grain Rice and Oilseeds Merchant's Association (Groma). The initial contracts available for trading in standard mill quality wheat are for October, November, December, and January and the contracts for rice are for October, November and December. MCX has recorded a daily turnover of Rs 1,645.96 crore, in over 13,000 kg of gold and 7,30,000 kg of silver in a single day on September 3. The day also saw over 10,000 tonnes of turnover in wheat contracts, 13,063 kg of gold, 7,39,330 kg of silver, 11,300 tonnes of refined soya oil, 1,670 tonnes of pulses, 304 tonnes of kapas, 770 bales of long cotton and 10,040 tonnes of wheat.
More Stories on : Commodity Exchanges | Rice | Wheat
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