Bengal weighs futures in tomato, chilli, pineapple
After encouraging participation by farmers and traders in futures trading in Kufri Jyoti potato on the Multi-Commodity Exchange (MCX) platform, the West Bengal government is keen to have this trading facility being extended in the state for pineap...
By Ratna Ganguli, TNN |
KOLKATA: After encouraging participation by farmers and traders in futures trading in Kufri Jyoti potato on the Multi-Commodity Exchange (MCX) platform, the West Bengal government is keen to have this trading facility being extended in the state for pineapple, tomato and chilli.
Taking a positive view on this, the state food and supplies minister Paresh Adhikary has asked MCX to explore the possibility of extending online trading facility to pineapples, tomatoes and chillis which grow in abundance in the state.
The minister discussed this with MCX during a recent meeting at Haldibari in north Bengal, where apart from farmers and traders, MCX officials were present.
Talking to ET, Ashok Santra, chief executive officer of the West Bengal Agri-Marketing Board, said “such an online trading platform may ensure a level playing field to buyers and sellers with transparency in its mechanism in price discovery on a real-time basis”.
However, MCX is yet to respond. A top MCX official said the exchange is yet to take a decision on the state’s request. “It is currently weighing the option on whether it would introduce online trading for the new commodities on futures trading platform or on the spot trading platform,” the official added.
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So far, MCX has decided to shortly introduce online spot trading in several states, including West Bengal. The spot trading would be conducted by it through its spot trading arm, National Spot Exchange for Agriculture Produce (NSEAP), in which MCX has 60% share. Apart from NSEAP, MCX has floated one more platform for undertaking online spot trading. For this MCX and its parent company Financial Technologies have recently signed an agreement with Mother Dairy Foods Processing (MDFP), a group company of NDDB.
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