Unjha spice traders get on-line

Asia's largest spice market Unjha, in Mehsana district of Gujarat, with trading of about 1,31,792 quintal of spices of 12 different varieties in April, 2005, is now waking up to the benefits of on-line commodity trading.

According to the industry sources, nearly 15 per cent of the spice traders in Unjha are now attached to the commodity exchanges, directly or indirectly.

Unjha spice market is being governed by the Agricultural Produce Market Committee with over 1,300 licensed traders who trade in the open auctions everyday for the last 50 years.

The region that hardly produces any commodity is the hub of trading for cumin, sonf, isabgol, ajwain, suva and a variety of oil seeds such as custard, mustard and gingelly seeds.

Interestingly, it was only in the month of February that the on-line trading of cumin seed started.

Commenting on the recent trend, the president of Shri Unjha Vepari Mahamandal, Arvind Patel said," Earlier, the traders used to keep a tab on the commodities prices over the phone. However, local traders now prefer to check prices on the commodity exchanges on-line before quoting and committing the rates to the buyers in big transactions. They now get an opportunity to deal on larger platform."

Spice traders in Unjha also said that the National Commodity and Derivatives Exchange (NCDX) recently gathered details about the types and quality of isabgol. The traders are expecting to start the on-line trading of isabgol soon.

Multi Commodity Exchange (MCX) and NCDX had registered a delivery of 6 tonne and 30 tonne of cumin, respectively, during the last clearance, according to unverified information.

Partner of Unjha Commodities and Securities, which deals both in Multi Commodity Exchange (MCX) and NCDX, Pravin Patel said,"The market has changed after the arrival of on-line commodity exchanges in the town. Traders have started inquiring about the ongoing price of cumin and I feel that there will be more transactions on the on-line commodity exchanges in the near future."