NSEL to launch e-trading in copper

KOLKATA: National Spot Exchange Ltd ( NSEL) is fast expanding its footprint in commodity trading. While it plans to launch electronic trading in copper by end of this month, the exchange has also been able to attract the attention of PSUs like FCI, Power Equipment Corporation, Cotton Corporation of India and MMTC who are keen to sell their commodities through it.

NSEL is expecting a daily turnover of Rs 10-15 crore from electronic trading of copper. The exchange will be launching electronic trading of copper under its e-series of products. It already offers two e-series bullion products — e-Gold and e-Silver — which were launched in March this year.

Talking to ET, Anjani Sinha, managing director and chief executive officer of NSEL, said: “Our daily trading in gold is hovering around Rs 30 crore. Incidentally, e-Gold and e-Silver, posted a record turnover of Rs 115 crore on last Thursday. E-gold recorded a turnover of Rs 37.17 crore, while e-Silver turnover was Rs 77.59 crore.

The SIP (systematic investment plan) that we had offered to the investors for e-Gold and e-Silver had been quite successful in pumping up the trading volume. This facility will also be offered for e-Copper scheme.”

Mr Sinha added that NSEL expects to acheive a daily turnover of Rs 200 crore by the end of FY 11. “We are now offering spot exchange in 27 commodities. We have already achieved Rs 100-crore daily turnover. The number of retail investors that trade through NSEL is around 11,500, “ Mr Sinha said.