NSEL to add more metals to its e-series

National Spot Exchange Limited (NSEL) will add 17 agriculture products including castor seed, black pepper, mustard and potato its list for spot trading shortly.

It will also add another 20 metals including zinc, aluminum, lead and nickel to its e-series products, investment products in commodities available in demat form, said its managing director and chief executive officer Anjani Sinha.

Speaking to the media here, he said with the addition of new products, NSEL was hopeful of increasing the turnover to Rs 500 crore per day by the end of March and to Rs 1,000 crore by December next year. At present, the daily turnover was around Rs 300 crore from the e-series.

“Housewives in south India are keen on trading in gold, silver and copper,” he said. Since its launch on NSEL in November this year, e-copper has given a return of nearly 17.5 per cent and the total turnover was Rs 1,300.24 crore and 26.55 million lots (one lot is one kg). e-gold and e-silver, the first two commodities brought into the fold, have given returns of 22 per cent and 62 per cent respectively since their launch early this year, he said.

NSEL is in talks with the Andhra Pradesh government for securing an e-trading licence for agri produce in the state.

A draft bill allowing this facility was ready and likely to be introduced in the Assembly next year. It has tied up with APMarked to sell redgram and bengal gram through electronic market, he said.