Indusind Bank becomes NMCE clearing bank

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Ahmedabad, Nov 16: Indusind Bank Limited has been added to the list of clearing banks of the National Multi-Commodity Exchange (NMCE) as per the rules, regulations and bye-laws of the exchange.

Members can open their settlement and client accounts with Indusind Bank, in addition to HDFC Bank and Yes Bank, which are already on the NMCE empanelment as clearing banks, an NMCE release said here today.

Meanwhile, NMCE launched 15 new series and six ''spread series'' in different commodities, available for futures trading on NMCE terminals with effect from today.

Out of these 15 new contracts, the trading cycle of cardamom, coconut oil, copra, cumin seed, gold, silver, guar gum, isabgul seed and menthol crystal will expire on February 15, rubber and sacking on March 15, castor seed 10MT on April 15, and that in pepper and coffee Arabica and Robusta on May 15, 2008.

The six new ''spread series'' include three each in rubber and pepper, which will be available for futures trading, spread over November 16 to December 15, and January 15 to February 15, 2008 respectively.

Meanwhile, the exchange settled the prices in various commodities of the November-2007 series that expired on November 15.

Among the most traded commodities, rubber settled at Rs 9,708 (up from Rs 9,355 of Oct-2007 series), pepper at Rs 14,130 (up from Rs 13,899 of Oct-2007 series), cardamom at Rs 435 (down from Rs 442 of Oct-2007 series), and menthol crystal settled at Rs 676 (down from Rs 693).


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