Futures in more perishables likely

The MCX is gearing up to launch futures in more perishable commodities after launching contract in potatoes recently, Joseph Massey, deputy MD, said on Friday.

Perishable futures require altogether different logistics and the exchange is the process of putting the infrastructure in place, he said.

"The response to the potato futures has been extremely overwhelming. On an average, Rs 25 crore a day is being realised since its launch," Massey said.

Potato futures, which got listed on the MCX on March 9, recorded a turnover of Rs 63 lakh within the first two hours of the launch of trading.

However, Massey did not detail the perishable commodities to be launched.

The basic idea behind launching potato futures was to bring uniformity in prices, he said.

Massey said silver futures, launched on the Dubai Gold Commodities Exchange on March 27, had recorded 1,000 lots on the day of the launch.

DGCX is a Dubai-based exchange, which commenced trading on November 22, 2005.

The bourse is a joint venture between the Dubai Multi Commodities Centre-government of Dubai, Financial Technologies Ltd, and MCX.