NMCE launches copra futures

Hopes to usher in price stability

The National Multi-Commodity Exchange of India (NMCE) has launched copra futures trading in Kerala aimed at bringing greater stability in copra prices thereby financially benefitting coconut farmers.

Since the minimum support price did not help maintain good price for copra, NMCE decided to launch futures trading under the Forward Contract Registration Act, 1952, Kailash Gupta, managing director, said.

"A business meet, in which more than 200 traders participated, was held here earlier in the day on copra futures and we have received encouraging response from the market," he said.

Both the buyer and seller would benefit through futures trading as they would be able to decide the prices online from various centres, Gupta said, adding the NMCE was only providing a platform to popularise the concept and prospects of futures trading system.