NSPOT to launch pig iron e-auctions with MMTC

Mumbai, Feb 21 (PTI) NCDEX Spot Exchange (NSPOT) willnow focus on non-agri commodities and will soon launch pigiron e-auctions with Government-run MMTC.

MMTC is in the process of finalising the contractterms to help them improve their existing trading mechanismusing NSPOT markets, the leading spot exchange of India saidin a statement here.

"MMTC would immensely benefit from using NSPOT marketsfor trading pig iron and other commodities. There is immenseinterest in buyers for trading pig iron on NSPOT," NSPOT HeadRajesh Sinha said.

Besides, NSPOT has also traded more than 90,000 MT offoodgrains valued at more than Rs 250 crore this fiscal. Itexpects to close the current fiscal by trading more than 1lakh MT of foodgrains.

The key volume drivers for NSPOT this fiscal have beenpulses, oilseeds and sugar which account for more than 90 percent of total agri trades. Of these, pulses account for morethan 50 per cent of the trade. Other key commoditiescontributing to the turnover included wheat, oilseeds, sugar,rice and guarseed.

PEC, a PSU trading in agri commodities, has been inthe forefront of adopting new trading platforms of NSPOT. FCIrecently started e-auction of its wheat in Andhra Pradesh.

NSPOT''s growth has been led by a phenomenal rise inits customer base and widening presence across India. It isthe only spot exchange that has enabled SMS-based mobiletrading on its platform.