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The National Commodity and Derivatives Exchange Ltd (NCDEX), India's leading commodity exchange, received an overwhelming response from value-chain participants on the first day of the re-launch of chana (pulses) contracts. The contracts registered a turnover of Rs 91 crore with trading volume of 17,380 tonnes. On Friday, its open Interest stood at 6,990 tonnes.
"We are encouraged by the enthusiastic participation from the market. It has been our constant endeavour to provide a strong and perfect hedging tool to the market and we are happy to offer a market-based price discovery and risk mitigation mechanism to the pulse farmers in the country," said Samir Shah, Managing Director and Chief Executive Officer, NCDEX.
In a bumper crop year when farmers across the country have been battered by volatile prices across commodities, farmers' groups are using futures contracts to hedge against price dips during the harvest season. So far, over 43,000 farmers, belonging to 47 farmers produce organisations (FPOs), have used futures to hedge their produce, with around 10-15 per cent improved realisations. Around 2,500 farmers from Madhya Pradesh had used chana futures to hedge their risks, prior to its suspension.
Over 180,000 farmers have registered with the exchange and are looking forward to utilising the regulated market platform.
The exchange re-launched three chana contracts for expiry in September, October and November.