ICEX soon to launch 10-gm gold contract

Indian Commodity Exchange Ltd, the newest commodity bourse in the country, will soon launch a new 10 grams gold contract soon, joining the growing list of..

Written by fe Bureaus

March 30, 2010 22:31 IST

Indian Commodity Exchange Ltd (ICEX), the newest commodity bourse in the country, will soon launch a new 10 grams gold contract soon, joining the growing list of commexes which have started futures contract in lower denomination gold products.

Earlier, National Multi-Commodity Exchange (NMCE) had also launched gold guinea contracts of smaller denomination with the aim to attract more retail investors.

?The product is almost ready and we hope to soon launch the futures contract,? ICEX, managing director and CEO Ajit Mittal told reporters on the sidelines of a seminar on ?Futures Exchanges and Commodities Eco-Systems?, in association with commodities market regulator, Forward Market Commission (FMC).

Mittal said the 10 gram gold contract will be the hallmarked by MMTC and delivered through its retail outlets. MMTC already has a long experience in retailing gold and gold products, he added.

The exchange also plans to launch futures contract in turmeric, rapeseed, chana and wheat as part of its plans to foray into futures in agriculture commodities.

This article was first uploaded on March thirty, twenty ten, at thirty-one minutes past ten in the night.