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India : NCDEX to set up Gold 100gms deal with Hyderabad
Publish Date : 18-Jan-2013
The National Commodity and Derivatives Exchange Ltd, officially established its Gold 100gms deal with Hyderabad as the main delivery Centre and Chennai as an additional centre.
\"We will be adding new delivery centers as trading picks up. We chose Hyderabad as the Basis (delivery) centre for the contract, as south India accounted for almost 60 per cent of the import of Gold 100,\" stated Vijay Kumar, NCDEX Chief Business Officer
\"We have seen an increase in trading in steel contracts of late, with deliveries even reaching up to 30,000 to 40,000 tonnes, due to increased demand from secondary steel producers,\"stated by Kumar.
The exchange is estimated to finish the modernisation project in Karnataka within a year, after which all the mandis will be web-connected and farmers will thus have access to markets across the country
\"We are hopeful that at least two to three states will approach us with proposals to implement the project as a pilot in 2013,\"added by Kumar.
