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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

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