With an aim of getting 20-30 per cent of its trade from non-agricultural items in the next 2-3 years NCDEX is working on new products.
“We want 20-30 per cent of our trade to come from non-agricultural items in the next 2-3 years. We are working on new products. We have submitted a proposal to FMC for launch of a new gold contract focusing on price hedging and not delivery,” said NCDEX Managing Director In-charge Samir Shah.
NCDEX has moved a proposal with sectoral regulator FMC for launching a new gold contract focussing on price hedging as it feels delivery is not practical due to curbs on imports of the metal. NCDEX, which has pioneered a number of agri-contracts, on Thursday said it re-launched its steel long contract based on the BIS 2830 grade.
The objective is to migrate the entire steel sector towards implementation of the BIS norms and thereby provide quality steel products to consumers. “Steel is the second most traded physical commodity after energy. In fact, as consumers of steel products, it is an integral part of our daily lives. With the relaunch of the NCDEX steel long contract, we expect it to add tremendous value to the existing steel business entities and stakeholders,” added Shah.