FCEI to relaunch copra, enter rubber futures

Kochi, Jun 4 (UNI) The First Commodities Exchange of India Ltd (FCEI) here is on the path of de-mutualisation by offering trading membership cards to more people and relaunching copra futures.

Talking to newspersons FCEI chairman P V Alexander said, the Exchange, started with futures trading in copra and coconut oil five years ago, would relaunch copra futures and was planning to enter the rubber futures in a short time.

Trade membership cards would be issued to 100 applicants at a seminar, planned to create awareness about futures trading, here on June 17. Copra trading was being relaunched as it did not gain the desired momentum earlier, he said.

The Exchange was set up by Cochin Oil Merchants Association and First Commodities Clearing Corporation of India in 2001 and now has 74 members, as one of the premier commodity exchanges in the country, its directors claimed.

During last August, it touched a peak of trading with 17,000 tonnes of coconut oil. The trading hit the volume of above 16,000 tonnes in this April, they said.

Mr K R Saji Kumar, Forwards Markets Commission nominee in the Exchange board, said the commodities futures in the country registered 273 per cent growth in the last financial year and FMC was looking forward to begin a new phase with the amendment of Forward Regulation Act, 1956, now under the consideration of the Parliament.

UNI JA JJ 1521