MCX to accept delivery of 6 mm cardamom
MCX has decided to accept delivery of 6 mm cardamom from the September contract onwards, based on feedback received from planters, farmer organizations and traders
Tweet-- MCX has decided to accept delivery of 6 mm cardamom from the September contract onwards, based on feedback received from planters, farmer organizations and traders. Cardamom futures contracts were introduced on February 14, 2006. Since then the contracts have witnessed participation from various market stakeholders across the country. The contracts clock an average daily turnover of Rs. 12 crore.
Mr. Joseph Massey, DMD, MCX, said, “A total of 120 MT of delivery worth Rs 4.6 crore has been facilitated on the exchange platform till date. From September contract onwards, we will also accept 6 mm and above grade of cardamom but at a 15% discount to 7 mm. Generally around 30% of the crop is above 7 mm and40 – 45 % is 6 - 7 mm. The move will help farmers and traders to hedge their risk and receive maximum benefit during the season. It will also enable increased deliveries at the exchange.”
Notes to Editor
About MCX
Headquartered in the financial capital of India, Mumbai, MCX (www.mcxindia.com) is an independent, demutualised nationwide electronic multi commodity futures exchange set up by Financial Technologies with permanent recognition from Government of India for facilitating online trading, clearing & settlement operations for futures market across the country. The exchange started operations in November 2003 and presently is the top commodity exchange in the country with 70% market share of the total commodity derivatives trading volume in the country. Among the top ten commodity derivatives exchanges in the world, MCX ranks among the top three bullion, energy and copper exchanges in the world in terms of contracts traded. The average daily turnover of MCX is about US$2.2 billion
Apart from being accredited with ISO 9001:2000 for quality management, it is the world’s first and only multi-commodity exchange to have achieved ISO 27001:2005 certification, the global benchmark for information security management systems.
MCX offers futures trading in 58 commodities, defined in terms of the type of contracts offered, from various market segments including bullion, energy, ferrous and non-ferrous metals, oils and oil seeds, cereals, pulses, plantations, spices, plastics and fibres. The exchange strives to be at the forefront of developments in the commodities futures industry and has forged eleven strategic alliances across the world, including with Tokyo Commodity Exchange, Chicago Climate Exchange, London Metal Exchange, New York Mercantile Exchange, New York Board of Trade and Bursa Malaysia Derivatives, Berhad.
Financial Technologies India Ltd, a leading provider of transaction automation technologies for Equities, Derivatives, Forex and Commodity markets, is the majority shareholder of MCX. Other key stakeholders include Fidelity International, State Bank of India & its subsidiaries, National Stock Exchange (NSE) and National Bank for Agriculture & Rural Development (NABARD).