Rajkot comex to re-enter soybean

Rajkot Commodity Exchange will again apply to the Forward Markets Commission to launch soyabean and palmolein contracts, a senior exchange official said today. The exchange had earlier applied in October to launch the contracts, but the FMC had asked for some clarifications, the official said.

“FMC has asked us to resubmit the application for the contracts as it had some doubts about delivery. We are in the process of reapplying now,” said the official. Rajkot Commodity Exchange focusses on castor seed futures contracts. “We want to expand our portfolio of commodities as we fear that if we only stick to castor seed futures, then our turnover will gradually dip,” he said. “Apart from more revenue, palmolein and soybean contracts will also provide a parallel platform for price discovery to our castor seed contracts,” he said.

The average daily turnover is Rs 25-30 crore and the exchange is likely to register a higher turnover this current financial year, he said. The exchange’s total turnover in 2007-08 (Apr-Mar) was Rs 6,324 crore.