NCDEX spot turnover likely to reach Rs 7000 crore

Commodity bourse NCDEX today said sales turnover on its electronic spot trading platform is likely to more than doubled to Rs 7,000 crore this fiscal, ending March 31.

According to the bourse data, the turnover of its spot platform last fiscal, 2012-13, was at Rs 2,685.23 crore.

"Spot markets are still shaken due to NSEL crisis, but we are confident that NCDEX spot exchange (NSPOT) sales turnover is likely to be more than doubled to Rs 7,000 crore by the end of this fiscal," NCDEX Managing Director and CEO Samir Shah told reporters here.

He was speaking on the sidelines of a conference on 'New Age Agri-Marketing Solutions', organised by the small farmers' agribusiness consortium (SFAC), in association with NCDEX and industry body Ficci.

Shah said the NCDEX futures will also launch small contracts of one tonne of guar seed and channa in early March as they already had got the approval of FMC for it.

"These smaller future contracts of one tonne will be available alongwith with bigger future contracts of 10 tonnes," he said.

Shah also shared that the bourse is looking at the options of launching contracts on aluminium, tin, lead, iron ore and coal in the coming days.

Farmers body SFAC has also tied up with the NSPOT exchange to procure commodities on behalf of small farmers.

"In last two months, SFAC has used the NSPOT platform to procure tur and groundnut. This association helps us in empowering the small farmer by locking him onto technology as well as to the markets," SFAC Managing Director Parvesh Sharma said.

NSPOT is wholly owned subsidiary of NCDEX, and has presence in nine states.