Unjha in Gujarat is likely to be the next destination for online spot trading in commodities. It houses Asia’s biggest spot market of cumin (Jeera).
India’s first electronic spot exchange, National Spot Exchange (NSEL), and National Multi Commodity Exchange (NMCE) are gearing up to start operations from Unjha.
“The spot trading market is opening up in Unjha, so Reliance and few other e-trading exchanges have shown interest in starting operations from here,” Unjha Agricultural Produce Market Committee (APMC) President N L Patel said.
NSEL Managing Director Anjani Sinha said “We will launch an online spot trading platform in Unjha by December end, with the launch of this facility, farmers can directly sell even one bag of Jeera online in Unjha”.
NMCE Vice-President Poonam Gupta said, “Unjha will also be on the cards, as we have plans to integrate state marketing yards with our spot trading platform. An MoU has been signed with the Gujarat Niyantrit Bazaar Sangh, and other formalities are being completed.”
However, this possibility has raised concern about the firms engaged in auctioning here.
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“With the launching of electronic spot trading platforms in Unjha, the 700-odd trading firms engaged in auction here are likely to lose brokerage of 1.25 per cent charged from farmers,” a trader operating in Unjha APMC said. It attracts farmers largely from states such as Rajasthan and Madhya Pradesh.
“Over 50 per cent of farmers coming here are from Rajasthan and Madhya Pradesh. They largely deal in Issabgul and cumin,” secretary APMC Unjha Vishnu M Patel said.