MCX launches futures trading in red arecanut
Multi Commodity Exchange today launched futures trading in arecanut (red variety), used widely in the preparation of pan masala and gutkha.
By PTI |
NEW DELHI: Multi Commodity Exchange today launched futures trading in arecanut (red variety), used widely in the preparation of pan masala and gutkha.
The October contract opened at Rs 119.30 per kg and reached a high of Rs 123 per kg, while the November contract started trading at Rs 118 per kg and rose to Rs 120 per kg.
At 1300 hrs, October delivery of red arecanut declined almost two per cent at Rs 117.80 per kg, while November series by three per cent at Rs 118.30 per kg.
So far over 70 tons were traded in both contracts. According to analysts, futures trading in red arecanut, a highly volatile commodity, would benefit farmers and traders to protect themselves from the price volatility. Red arecanut is largely produced in Karnataka.
The October contract opened at Rs 119.30 per kg and reached a high of Rs 123 per kg, while the November contract started trading at Rs 118 per kg and rose to Rs 120 per kg.
At 1300 hrs, October delivery of red arecanut declined almost two per cent at Rs 117.80 per kg, while November series by three per cent at Rs 118.30 per kg.
So far over 70 tons were traded in both contracts. According to analysts, futures trading in red arecanut, a highly volatile commodity, would benefit farmers and traders to protect themselves from the price volatility. Red arecanut is largely produced in Karnataka.
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