NCDEX to start spot exchange in Gujarat

The National Commodity and Derivatives Exchange (NCDEX), one of the leading comexes in the country, has set the ball rolling for starting a commodity spot exchange in Gujarat. The exchange has already submitted the proposal for launching the spot exchange to the state government.

NCDEX has kicked off spot trading in four states —Madhya Pradesh, Rajasthan, Maharashtra and Kerala.

“Now we are looking at Gujarat. We have sought the approval of the state government and currently we are awaiting their nod,” said Vijay Kumar, chief business officer, NCDEX.

“Currently, NCDEX offers spot trading of Chana in MP and rapeseed in Rajasthan. As far as Gujarat is concerned, we may start with commodities such as jeera (cumin seed), cotton and oilseeds (castor and groundnuts),” he added.

NCDEX also offers spot trading of gold in Ahmedabad. NCDEX Spot Exchange (NSPOT) and Riddhi Siddhi Bullion (RSBL) had recently launched their bullion spot exchange in Ahmedabad.

Talking about the new futures that the exchange was looking at, he revealed that NCDEX was exploring possibilities of starting futures in tea, almond and mango pulp.

“India is a leading mango producer. Being a perishable commodity, exports of mangoes through air are a bit costlier. There are many players in the country, who export pulp to overseas markets. As a result, the exchange is looking at launching mango pulp futures,” he added.

However, he did not specify the time frame for launching these futures.