Online futures trading of cumin, isabgul launched for first time
Ahmedabad, Mar 3 (UNI) The National Multi-Commodity Exchange of India today announced the launch of online futures trading in cumin and isabgul for the first time in the country, from tomorrow.
The NMCE will now also be the first exchange across the world to launch futures in Isabgul (psyllium), the global market of which India dominates.
Making the announcement, NMCE Managing Director Kailash Gupta said, ''It is a part of our continuous efforts to practise the best tools of price discovery and price risk management, and we will provide a healthy and transperaint trading platform to the market participants.'' International Society for Agricultural Marketing Chairman Shankerlal Guru said futures trading in 'jeera' (cumin) and isabgul will prove immensely helpful to farmers in a way that they will get better prices of their produce.
''Though India has a major share in Isabgul production, it is not in a position to be a price setter. This step will revolutionise the trade of both the commodities,'' he said.
Price management in jeera is significant to provide a comfort level to growers, traders and exporters, as its prices get influenced by export demand and climatic conditions, the NCME said.
Though Unjha is the biggest physical market for jeera, it is craving for a national market which can provide a dependable and transperant futures market through price discovery mechanism, it added.
UNI MMG GK AG1553