AHMEDABAD (Commodity Online): India’s leading commodity bourse in rubber futures, National Multi-Commodity Exchange (NMCE) has recorded highest single-day turnover in rubber futures on April 21, 2010, when the rubber turnover on the exchange crossed Rs.200 crore mark for the first time ending the day with a total turnover of Rs.207.77 crore, highest since the launch of the contract.
In a statement issued on Friday, the exchange informed that rubber turnover at NMCE had crossed Rs.200 crores touching Rs.207.77 crores on April 21, 2010, with total traded volume of 12,010 MT with open interest of 8,516 MT. “All stake holders the producers, the cooperative societies, the investors who work on cash & carry, the tyre industry, other consuming industry, have all participated, which is giving very healthy sign. This is a grand achievement, highest ever since the launch of the contract. Earlier the highest turnover was on 26th December 2006 and it was at 189.8 Cr.
Commenting on the development, Anil Mishra, CEO, NMCE informed that the trading volume recorded high despite rubber production undergoing wintering season. A wintering season is the season when rubber trees shed their leaves and as a result tapping of rubber comes down. ““The price of Rubber has been very high due to lower global supply as a result of non conducive weather on the one hand and increased demand on the other. While the demand was burgeoning due to stimulus package and revival of the auto sector, supply was not able to keep pace. Good price is encouraging the farmers to tap as much as possible,” said Mishra adding that the producers now should not hold back their produce and take the advantage of huge price upswing.
Producers have kept their rubber in NMCE warehouses and taken funding from the bank against warehouse receipt. NMCE has presently about 7000 MT of Rubber stock in the warehouses at Aluva, Kozhikode, Ernakulum, Kakkanad, Thrissur, Kakkancherry and Pallakad, the exchange stated.
According to Mishra, it was the low tapping season. “NMCE's increased efforts of sensitization of all the stakeholders are showing good result and now all the stakeholders have understood the need of hedging their price risk in rubber,” Mishra commented.
(commodityonline.com)
No comments:
Post a Comment