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Live Market On Handset
In a significant move that will have a major bearing on commodity trading in the country, the exchange launched SMS query services on 29th March 2004 to provide live updates on the movements of the commodities futures traded on the Exchange to its Members & their traders, thus enabling them to keep a tab on Futures prices even while they are traveling or out of office.
NMCE now launches this service for all Market Participants.
Introduction of SMS query service is yet another step taken by NMCE to facilitate various market participants to have ready information on the movement of commodity prices on a real time basis. In addition to enabling the clients to participate more effectively, this service would also help in widening the scope of information dissemination across the country. This would eliminate the availability of information only at the terminals of Members & traders and would make it available even to the clients & various other market participants.
Queries
The service presently available only in English, has a number of features – users can send SMS querying for a particular product or series to the following number – 53030.
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For querying the Futures prices for all series of a particular commodity: The user can either key in the code for the commodity or the name of the commodity in English. For example, for knowing the Futures prices for all series of Rubber, the user has to send SMS by typing the word "NMCE Rubber" to 53030. In reply, the system would automatically send the Last traded price for all series of Rubber, with an abbreviated comment on the kind of movement against each series. Same is the case with other commodities such as “Gold/Sona” or “Silver/Chandi.” etc.
| List of Abbreviated comments |
First Two Characters |
Last Two Characters |
| CSLS |
Price same as Last Day’s close price |
Price same as Last Trade Price |
| CSLU |
Price same as Last Day’s close price |
Price higher (Up) than Last Trade Price |
| CSLD |
Price same as Last Day’s close price |
Price lower (Down) than Last Trade Price |
| CULS |
Price higher (Up) than Last Day’s close price |
Price same as Last Trade Price |
| CULU |
Price higher (Up) than Last Day’s close price |
Price higher (Up) than Last Trade Price |
| CULD |
Price higher (Up) than Last Day’s close price |
Price lower (Down) than Last Trade Price |
| CDLS |
Price lower (Down) than Last Day’s close price |
Price same as Last Trade Price |
| CDLU |
Price lower (Down) than Last Day’s close price |
Price higher (Up) than Last Trade Price |
| CDLD |
Price lower (Down) than Last Day’s close price |
Price lower (Down) than Last Trade Price |
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For more specific information, a user could access the Last trade, Open, High, Low & close price for Pepper-August 2005, by simply keying in “PEPAUG2005” or “PEPAUG” as SMS and sending to the above mobile number.
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There is also a facility that allows the user to type the complete name of a commodity (PEPPER in this example), in case he does not know the code for a particular product. The result for all series of the commodity would still be available to him.
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The service also provides for an automatic search of the nearest phonetic match in case the user has made a spelling error while keying in, through a mechanism called Odell/Russel algorithm that has been built into the system. For example, if the user types – Peper or Papper instead of “Pepper”, then also the system shall identify it as pepper only and reply accordingly.
Disclaimer
NMCE would not be responsible for any losses incurred by the users due to delay or non-transmission of message (Price updates) for the fault of either mobile service provider or NMCE.
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