| Ahmedabad
July 28, 2004
Rubber futures surged to a new high on the National Multi-Commodity Exchange of India Ltd. (NMCE) on July 28th, 2004, registering volume of 11320 tons valued at Rs. 65.94 crores.
This is the highest recorded volume ever since NMCE flagged off Rubber futures, for the very first time in India, on March 15, 2003. Derivative trading in Rubber since then has been attracting growers, traders, co-operative societies and hedgers on NMCE, and with their active participation, the volumes in rubber futures trade have increased several-fold in the last 16 months.
In the last financial year, NMCE registered rubber futures volume of 3,61,774 tons valued at Rs. 2,070 crores. From April to June 2004, the volumes have already reached a sizable figure of Rs. 1,41,276 tons with a value of Rs. 866.2 crores. .
What is attracting the real hedgers and co-operatives societies is the delivery mechanism of NMCE, which has so facilitated Rubber delivery of over 1540 tons from April 03 to June 04.
Mr. Kailash Gupta, Managing Director, NMCE said " We are happy that Rubber has become a role mode for the commodity futures market, and if futures are meant for real hedgers, rubber futures should be considered as a great success. Our Exchange will continue to provide an unbiased credible online platform to all the participants offering equal opportunities of fair and transparent trade".
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