NMCE defers launch of wheat futures to June 15

NEW DELHI: India's third largest commodity bourse NMCE has delayed the launch of futures trading in wheat as it is still creating awareness among stakeholders to make the trading successful. NMCE plans to start wheat futures by June 15 ��� almost a month after its rivals MCX and NCDEX commenced the trade in the grain on May 21. The government lifted a two-and-half year ban on wheat futures trading on May 15.

���We had plans to start wheat futures contract during May-end. However, it is delayed as we are still creating awareness about the product to flour millers, especially in southern states,��� NMCE MD Kailash Gupta said, adding, ���most probably we may launch wheat futures contracts by June 15.���

Mr Gupta further said as wheat is an essential commodity, some traders are still hesitant to participate. ���We are clearing traders��� doubts and strengthening their confidence in wheat futures.��� ���Besides, we are setting up trading terminals in mandis across the country where wheat arrival is in huge quantity,��� he added. The turnover of NMCE stood at Rs 7,070 crore during the first fortnight of May 2009.