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Leading commodity bourse NCDEX today said it has achieved a remarkable success in the recently launched forwards segment with commodities trading volumes reaching almost 8,000 tonnes in last six months.
"In just six months of its launch, 7,888 tonnes of commodity was traded on the platform... Maize, coriander, sugar, castorseed and jeera are among the most actively traded commodities," NCDEX said in a statement.
In September 2014, NCDEX had launched trading in forward contracts.
Initially, it offered forward trading in sugar and maize but gradually expanded the product basket to 27.
A forward contract is a bilateral agreement between two parties to buy or sell an asset or a commodity of specified quantity and quality at a future date on a mutually agreed delivery price.
In order to make the forward trading platform more accessible to farmers and traders in mandis, NCDEX said a new membership category known as 'Commodity Participant Members' (CPMs) was introduced and a special discount was offered to farmer producer organisations (FPOs) to become members on the forwards segment.
NCDEX Managing Director and CEO Samir Shah said: "Our mission is to bring national markets to farmers, mandi traders and buyers. This initiative is a path breaking approach to bring real inclusiveness in the real economy in commodities."
So far, 10 FPOs from Bihar, Delhi, Maharashtra and Madhya Pradesh have actively participated in the trade, while over 14 have applied for membership, the exchange said.
The exchange registered a total commodities trade volume of 7,888 tonnes, worth Rs 24.94 crore, in the last six months.
Of that, maize accounted for bulk of the trade with 4,100 tonnes, followed by castor seed at 2,330 tonnes, sugar at 600 tonnes, coriander at 520 tonnes and jeera at 228 tonnes, respectively, it added.
