Rice Bran forward trading in Kanpur from April 11
Kanpur, Apr 7 (UNI) The Multi Commodities Exchange (MCX) will launch future trading in Rice Bran refined oil from April 11 for the first time in Kanpur in Uttar Pradesh.
Talking to mediapersons an MCX spokesman said here today as Kanpur is an important market of the state, it was the most suitable place for launching future trading of rice bran.
Since Rice Bran prices have been volatile in the recent past, there was need in the physical market to hedge the commodity against price fluctuations, he added.
The spokesman said the future contract of Rice Bran refined oil would be a monthly contract and three contracts would run concurrently. The trading lot would be 10 metric tonnes and price quotations would be per ten kilograms, which will be on ex-Kanpur basis.
The daily price limit would be 2 per cent and initial margin would be 3 per cent. In case of additional volatility, additional margin would be imposed. The maximum allowable open position per client would be 25,000 metric tonnes.
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