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Saturday, September 5, 2009
NCDEX Spot Exchange Limited (NSI'OT) launched a compulsory delivery contract in sugar on its electronic platform on January 21, 2009. All trades on this platform are guaranteed by the exchange for delivery and payments. NSPOT has created a real time, online, transparent and vibrant spot platform for trading in sugar in India. The contract allows participants from all over the country to trade in Kolhapur Sugar, thereby enabling sugar producers in Kolhapur discover the best price for their sugar traded on NSPOT. With this launch, NSPOT initiated the process of modernization of spot markets on a nationwide basis. Warehouses ensure that the commodity is as per quality prescribed in the contract specifications. The buyer deposits prescribed margin for the relevant type of contract with NSPOT through a member of NSrOT before putting their bid quotes. The online buy ami sell orders would be matched on a real time basis through a process of price and time priority. All trades outstanding at the end of the day would result into delivery obligations on settlement day.
A day after FMC barred new contracts in sugar till December and suspended the initiation of fresh position in running contracts, the front month contract on NCDEX hit an intra-day low of Rs 2,215, before closing at Rs 2,266 a quintal, down Rs--l-1 over the previous close. The decision hit investors, hedgers and speculators who were long on the commodity.
A day after FMC barred new contracts in sugar till December and suspended the initiation of fresh position in running contracts, the front month contract on NCDEX hit an intra-day low of Rs 2,215, before closing at Rs 2,266 a quintal, down Rs--l-1 over the previous close. The decision hit investors, hedgers and speculators who were long on the commodity.
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