Reliance Spot Exchange, an initiative from Reliance Exchange Next,(a Reliance Capital company), is planning to start spot trading in metals like aluminum, zinc and copper soon.
The spot exchange started functioning last month, with trade in steel ingots and billet from Raipur, Ludhiana and Mandi Gobindgarh (Punjab), and pepper from Kerala. The exchange had also applied for Agriculture Produce Marketing committee (APMC) licence in about four states for starting spot markets, said Rajnikant Patel, chief executive officer of Reliance Exchange Next, on the sidelines of a seminar organised by the Indian Chamber of Commerce (ICC) in Kolkata. “We have received APMC licence in one of the states, and we will start with states in the north and west. We have sought licences from about three-four states, including Gujarat” he said.