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| NMCE may launch wheat futures next week |
| BS Reporter / Mumbai/ Ahmedabad Jun 04, 2009, 00:14 IST |
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After having received the nod of Forward Markets Commission (FMC) to start wheat futures last month, National Multi Commodity Exchange (NMCE), one of the leading commexes in the country, is likely to launch wheat futures next week.
"We want to launch wheat futures and probably we will start the wheat futures next week", said Anil Mishra, chief operating officer, NMCE.
Earlier, MNCE was to commence trading of wheat contracts by the end of May.
"We want to launch the futures properly. Currently, there is no substantial volumes in wheat futures and that is the reason why the exchange is not rushing to start wheat futures", he added.
It may be mentioned here that wheat futures were suspended from trading in the early part of 2007 due to rise in prices. However, the government allowed commodity exchanges to relaunch wheat futures in May 2009 after a gap of two years.
Multi Commodity Exchange (MCX) and National Commodity and Derivatives Exchange (NCDEX) have already started trading in wheat futures. NMCE did not commence rolled out wheat contracts simultaneously with the NCDEX and the MCX as the exchange was still discussing with stakeholders.
Wheat futures were a success prior to suspension. NCDEX used to have a daily turnover in the range of Rs. 200 to Rs. 400 crore at that point of time.
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