Innovative funding scheme and buoyant Rubber drive physical deliveries at NMCE
Released on = April 25, 2006, 3:40 am
Press Release Author = For editorial queries only contact Melissa/Sonia
of PRHUB @22998141/ 3.
Industry = International Trade
Press Release Summary = 24x7 Learning, the largest provider of consulting
and implementation solutions in the Indian eLearning space announced
the NMCE’s innovative financing scheme through Punjab National Bank
and the buoyancy witnessed in the international rubber
prices have generally helped physical deliveries at NMCE during
the first fortnight of April 2006. More importantly led by rubber,
many commodities gained momentum in the NMCE and moved northwards
during the first fortnight of April 2006. However, cardamom bucked
the trend and moved down sharply.
Press Release Body = Bangalore, April 25, 2006: NMCE’s innovative
financing scheme through Punjab National Bank and the buoyancy
witnessed in the international rubber prices have generally helped
physical deliveries at NMCE during the first fortnight of April
2006. More importantly led by rubber, many commodities gained momentum
in the NMCE and moved northwards during the first fortnight of April
2006. However, cardamom bucked the trend and moved down sharply.
NMCE’s innovative scheme, wherein 90 % finance is offered by Punjab
National Bank against CWC warehouse receipts accompanied with forward
sale contract of NMCE, appears to be gradually finding greater
acceptance by the farmers/growers and traders. The recent trend
depicts that farmers/ growers and traders in Kerala are increasingly
taking to physical deliveries through NMCE and reaping the advantage
of price discovery mechanism through futures trading. Up to March’06
1836 MT Rubber and Pepper has been financed through PNB and the
value is Rs. 14.60 crores.
Commenting on the buoyancy, Kailash Gupta, Managing Director, NMCE,
said,” The encouraging response from the farmers, growers and traders
to the warehouse receipt
based financing scheme, the first of its kind in India is quite
heartwarming. We hope to aggressively promote the scheme in the
coming months and foresee volumes further growing in the immediate
future.”
For April 2006 Series, rubber recorded physical delivery of 1300
MT as against trade volumes of 71874 MT. With this a total quantity
of 20791 MT Rubber has been physically delivered at NMCE since initiation
of futures trading. Through the innovative scheme, 477 MT of Rubber
was delivered in April 2006 series. Likewise, 59 MT Pepper was delivered
in April 2006 series and with this 1148 MT Pepper has been delivered
till date taking advantage of the PNB’s funding scheme.
Punjab National Bank and Central Warehousing Corporation are the
promoters of NMCE along with other institutions like National Agricultural
Co-operative Marketing Federation of India (NAFED), Gujarat Agro
Industries Corporation (GAIC), National Institute of Agricultural
Marketing (NIAM), Gujarat State Agricultural Marketing Board (GSAMB)
and Neptune Overseas Ltd. (NOL). Therefore NMCE is a complete exchange
with the objective to take along all the diverse commodity relevant
institutions in different segments to assist the hedgers, growers,
exporters and other market participants. NMCE, in accordance with
the rules of commodity futures, provides well risk-managed platform
and trading tools that carry minimum risk. Integrating various stake
holders and functionaries in the supply chain helps to consolidate
the gain share of growers down to the consumers.
Web Site = www.nmce.com, www.prhub.com
Contact Details = #298, Subasri, A T Halli
Shanthi Nagar, Bangalore 560027
080-22998141
2008
