National Commodity and Derivatives Exchange (NCDEX) has commenced trial run for electronic spot trading in sugar, a senior exchange official said. | |
| "We have launched (electronic spot) trading on Wednesday only in sugar," the official told NewsWire18. Spot trading on NCDEX's electronic platform has been launched in Kolhapur sugar, the official said. |
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| "The commodity is classified as manufactured commodity, and doesn't fall under the purview of the APMC Act," the official said. |
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| This initiative is the first of its kind in the country, and will lead to transparent and organised trade in sugar, a Mumbai-based sugar analyst said. |
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| "We welcome the launch as it will be a bigger marketplace for sugar industry," said Prakash Naiknavare, managing director, Maharashtra State Cooperative Sugar Factories Federation. |
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| The platform will bring transparency in sugar trading, and increase the spectrum of buyers across the country due to its online nature, Naiknavare said. |
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| NCDEX is likely to make a formal announcement of the launch in a few days, the official said. |
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| The three national commodity derivatives exchanges "" NCDEX, MCX, and National Multi-Commodity Exchange "" all have plans to open electronic spot exchanges to complement their futures platform as well as organised spot trade. |
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