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19 March 2010 at 12:45 IST
SICOM to launch Robusta coffee contracts
MUMBAI (Commodity Online): SICOM, a subsidiary of Singapore Exchange (SGX), said on Friday it would launch trade in a new Robusta coffee futures contract on April 22 to capitalize on Southeast Asia's top market status for the commodity.
CEO of the Singapore Commodity Exchange (SICOM), Jeremy Ang was quoted by the CNA as said that the SICOM Coffee is set to play a key role in establishing an Asian benchmark price for Robusta coffee.
The launch of SICOM Coffee is timely, as Southeast Asia has grown to become the largest producer and exporter of Robusta coffee, he added.
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SICOM aims to set Asian benchmark price for Robusta. Delivery will be made through warehouse receipts representing coffee stored in bonded warehouses in Ho Chi Minh City in Vietnam or in Singapore.
In a statement, SICOM said this delivery mechanism provides for a short delivery period and simplified logistics.
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