Geojit to launch cardamom futures trading today

Geojit Financial Services Ltd, a leading financial and commodity markets intermediary, will be launching the world's first cardamom futures contract through its own terminal in Kochi on February 11.

The launch will be done here tomorrow by Navin B Chawla, secretary, Union ministry of consumer affairs, food and public distribution.

A Geojit spokesperson said contracts of major pulses such as tur/arhar, urad, moong and masoor will also be inaugurated simultaneously. C J Jose, chairman, Spices Board; C KG Nair, director, Union ministry of consumer affairs, food and public distribution; N K Choubey, chairman of National Multi Commodities Exchange (NMCE); Sharad Kumar Maru, president, The Grain, Rice and Oil Merchants Association, Mumbai; and Kailesh Gupta, managing director NMCE will also be present on the occasion.

Geojit managing director C J George said, "Efficient price discovery for cardamom farmers has always been difficult because of the unorganised form of cardamom trading. This new initiative from Geojit is therefore in line with its objective of offering trading and information facilities to the agricultural sector."

The trading and delivery unit for cardamom is 100 units. The quotation unit is one kilo and the ticker size is Rs 1. The trading and delivery units for the other pulses (tur/arhar, urad, moong and masoor) are one metric tonne.

The quotation unit is 100 kilos and the ticker size is Rs 1. For both cardamom and above pulses, there is a price band of five per cent above and below the last traded price and of 10 per cent above and below the last closing price.

Trading in any contract month will open on the 16th day, minimum of two months prior to the contract month. The contract will expire on the 15th day of the delivery month or on the previous working day if the 15th is a holiday.

Squaring up of positions will be permitted between the 10th and 15th of the delivery month. No fresh positions building will be allowed.