MCX to develop spot market from December

Kolkata, Nov 10 (UNI) MCX would start developing spot markets for commodities in West Bengal from December, its Managing Director and CEO Jignesh Shah said today.

Spot markets would also be developed in Rajastan, Kerala, Gujarat and Maharashtra, Mr Shah said.

MCX promoter Financial Technologies would provide the domain knowledge for the online spot markets, which would act as the backbone for commodity exchanges.

Mr Shah said MCX is planning to launch futures trading in raw jute and jute goods.

Mr Shah was speaking in the sidelines of an Indian Chamber of Commerce (ICC) sponsored seminar on "Commodity Future: Road Ahead".

MCX announced formation of a Centre of Excellence on Commodities in association with the Indian Chamber of Commerce (ICC).

The commodity exchange with Rs 10,000 crore daily turnover said the centre would act as an one-stop shop for information about commodity trading.

UNI TJP KK/SRC1625