The National Commodity and Derivatives Exchange (NCDEX) today launched futures trading in wheat, after a gap of nearly two-and-half-year.

The June-contract for wheat opened at Rs 1,202 per quintal but slipped back to trade at Rs 1,143 per quintal at 1020 hrs. The contract clocked business turnover of 60 lots.

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Commodity market regulator Forward Markets Commission (FMC) had lifted a nearly two-and-half-year ban on wheat futures on May 15. The ban was imposed in February 2007 as part of measures to arrest an upward spiral in prices of wheat.

All the three national commodity exchanges -- MCX, NCDEX and NMCE -- yesterday received approval from FMC to launch wheat futures contracts on their platforms.

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