Last Updated :
17 February 2010 at 12:10 IST
Surge in NMCE's physical delivery of rubber
AHMEDABAD (Commodity Online): National Multi Commodity Exchange of India witnessed 263% increase in delivery in natural rubber from 430 metric tons in January 2010 to 1559 metric tons in February 2010. The Rubber Futures contract expires on the 15th of every month. The delivery happened at NMCE registered warehouse of CWC. An increase in demand from the rubber consuming industry for quality rubber and multi delivery centers of exchange certified warehouse of CWC were the key reasons for the increase in delivery, NMCE said in a press release.
“This is very healthy trend because on one hand producers are able to harness good price and deliver their Rubber in the exchange warehouse and on the other hand user industry is able to hold the position by just paying margin money and take delivery by paying full only on the date of delivery. Quality of Rubber is also being maintained by scientific storage in quality godowns of CWC, “said Mr. Anil Mishra- CEO, NMCE
Mr. B.B. Pattanaik (Chairman, NMCE & MD, CWC) said, “I express my satisfaction over large number of deliveries taken by the consumers. Rubber has been a jewel in the crown of NMCE where a large number of growers participate in Futures and also take advantage of this alternative platform where they can sell their produce at appropriate price through depositing the produce with CWC for scientific storage and for taking loan against the CWC Warehouse Receipts from the banks.”
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Mr. C.P.Krishnan- Director, Geojit Comtrade commented, “Many consuming industries have taken delivery from NMCE certified warehouses of CWC. The key reason for taking delivery from exchange certified warehouse is that quality rubber in large quantity can be taken delivery at designated locations.”
The inventory at exchange certified warehouses has also been increasing and more than 7230 metric tonnes is lying deposited in the exchange warehouses and more and more deliveries are taking place. Rubber deposits are lying at CWC warehouses at Aluva, Ernakulum, Kakkanad, Palakkad, Kozhikode, Kottayam and Trichur.
NMCE, which is the only national exchange in the country to trade Rubber futures also, has the distinction of being the third largest Rubber Futures trading exchange in the world after Shanghai Futures Exchange (SHFE) and Tokyo commodity Exchange (TOCOM).
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