Financial Daily from THE HINDU group of publications
Friday, Sep 17, 2004
Financial Daily from THE HINDU group of publications Friday, Sep 17, 2004 |
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Agri-Biz & Commodities
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Commodity Exchanges Commodity futures index from Refco Our Bureau
Mumbai Sept. 16 THE country's first commodity index has been launched. Constructed and managed by Refco Commodities India, the index is intended to provide a snapshot of the rapidly growing commodity futures market and be a benchmark for commodity performance in the country. The index called Refco Commodity Index (RCIX) is a weighted aggregation of selected commodity futures contracts being traded on two nationwide modern exchanges, namely NCDEX and MCX. Commodities have been selected and weighted based on three parameters namely, trading volume in rupee terms, open interest on the basis of number of contracts and on the fundamental strength of a commodity in the country, company officials said adding that base RCIX starts from April 1, 2004, calculated on the basis of trading history during January-March 2004. The index is meant for investors who want to benefit from the huge potential offered by the Indian commodities market by investing in rapidly growing commodity futures where daily trading is in excess of Rs 2,000 crore, with both agricultural and non-agricultural (mainly gold) commodities showing robust growth. Globally, there are a handful of commodity indices that track the performance of futures market and are quite popular. It is only a matter of time before investors start using a commodity index for the Indian market, experts believe. Refco will target institutional investors to bring greater awareness about the utility of commodity index. Mutual funds are said to be looking at investing in the commodity market. Refco, a US-based diversified financial services organisation with operations in 14 countries, set up business in India in the year 2000 with a $10 million joint venture Refco Sify Securities India.
More Stories on : Commodity Exchanges | Commodities
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