'NCDEX polymer contracts welcome move'

The Indian polymer market is directly linked with the international market, and all stakeholders need to know the current prevailing prices in the international market and their comparative linkages in India. Therefore, a risk hedging platform was needed which has been fulfilled, thanks to NCDEX, Mukesh Ambani, chairman, Reliance Industries said at the launch of polymer futures on the National Commodity & Derivatives Exchange (NCDEX) today.

NCDEX has launched three major polymer products including polypropylene (PP), linear low density polyethylene (LLDPE) and poly vinyl chloride (PVC) for May, June and July delivery.

"We believe NCDEX has chosen the right time to commence futures in three polymer products, which has turned as a day-to-day consumption market due to their natural integration with the global market," Ambani said.

When asked about Reliance Industries' future plan to take hedging risk on NCDEX, Ambani said "we all would work together whole-heartedly to benefits to our consumers."

Supporting his views, K V Kamath, managing director, ICICI Bank said the polymer market is fast growing and is also fiercely competitive. "Hence, the launch of polymer contracts on NCDEX would bring Indian traders a platform where they can hedge risk."