NMCE to launch futures trading in cotton on 3 November

NMCE to launch futures trading in cotton on 3 November
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First Published: Mon, Oct 27 2008. 03 39 PM IST
Updated: Mon, Oct 27 2008. 03 39 PM IST
PTI
New Delhi: The country’s third largest commodity bourse National Multi-Commodity Exchange today said it will kick start futures trading in cotton (V-797 variety) on 3 November.
“Futures contract in kalyan kapas (V-797) as approved by Forward Markets Commission will be available for trading with effect from 3 November,” NMCE circular said.
NMCE will be the third exchange to start cotton futures after MCX and NCDEX.
As per contract specification, investors can trade for minimum four tonnes on the exchange platform. Clients and members can have open position of not over 15,000 tonnes and 75,000 tonnes respectively.
With respect to daily price cap, the exchange has fixed total 4% band above or below the previous day’s close price of the contract.
NMCE clocked a business turnover of Rs 1,422 crore during the second fortnight of September.
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First Published: Mon, Oct 27 2008. 03 39 PM IST
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