Registers 100% growth in second physical delivery; Delivers 195 Gold Guineas (8 gms.) Pan-India
- NMCE has partnered with Muthoot Group for 22 Pan-India delivery centers
- Delivery took place through Muthoot Centers in Delhi, Kolkata, Ahmedabad, , Kochi & Madurai
- Muthoot Delivery centers in Gujarat – Rajkot and Ahmedabad.
- NMCE launched 999 Fineness Gold Guinea contract on 7th November 2009.
National Multi Commodity Exchange (NMCE) has registered 100 percent growth in second physical delivery in Gold Guinea contract. Compared to the 97 GG8 (Gold Guinea 8 gm) coins delivered during the completion of the first contract that ended on 31st December 2009, the number of coins delivered in the second contract (ended on 31st January 2010) is 195. the GG8 contract was specifically designed for the retail participants was launched in Kochi last November.
Guineas were delivered through Muthoot branches to the clients from 5 cities. The Muthoot brand coins were of .999 purity. NMCE became the first national exchange in India to launch the most innovative gold product (Gold Guinea) recently on 7th November 2009 and partnered with Muthoot Group for 22 pan India delivery centers.
The total number of physical deliveries taken Pan India for the month of January was 195 coins which were up my more than 100% as compared to the number delivered for the month of December. This number for the month of December stood at 97coins.
The settlement prices of the contract on 31st January came to Rs. 13096/-. On 7th November 2009 on the launch of the contract the first order was punched at Rs. 13310/- by Shri Rajiv Agarwal, IAS, Secretary, Consumer Affairs at Kochi. The contract recorded volumes of January contract with 5,55,380 number of trades. The highest Open Position during the contract was 4170 on 19th January. The contract saw participation from over 100 members.
Mr. Anil Mishra, CEO, NMCE, said “We have accomplished our mission to bring retail participant to the futures market by making delivery of gold guinea at multiple locations. An investor who waited to take delivery of one coin was the real participant and was delighted to take delivery. This is a befitting reply to those who say retail participants do not and cannot participate in futures market. Of course the brokers look at bigger clients and big ticket size but large number of retail participants left unattended. We at NMCE care for them and multiple delivery centers for Gold Guinea through Muthoot is helping this out because we have common mission “reaching out to mass”. We are looking at more participation as the consumers have slowly started to gain more confidence in our delivery system. This is journey just begun. We have miles to go in this endeavor”.
About National Multi Commodity Exchange
National Multi Commodity Exchange is the first nationalized multi commodity exchange that pioneered the commodity trade in India. It has more than 300 members on board today with a pan India presence. Promoted by leading commodity – relevant institutions NMCE has position itself as an exchange for the purpose of Price Discovery, Price risk Management, transparent transactions and seamless hedging. These commodity relevant institutions include Central Warehousing Corporation Ltd. which has more than 500 warehouses across the country with a storage capacity of more than a crore tones., Punjab National Bank – country’s second largest public sector bank having more than 4500 centralized banking system online branches, NAFED – the apex body of more than 600 marketing co-operatives, Gujarat Agro Industries Corporation Ltd - a nodal agency of Gujarat state for promotion and setting up of modern agricultural markets, Neptune overseas Ltd – an erstwhile recognized export house by the Government of India having a dream and vision of technology backed transformation of the market economy.