ICEX proposes trading in iron-ore futures
22 May 2010
Indian Commodity Exchange Ltd, the online, screen-based commodity futures exchange, plans to start iron-ore contracts within the next three months, its chief executive Sanjay Chandel said.
He said the exchange will soon forwarded its proposal to commodity markets regulator Forward Markets Commission (FMC).
"It will be the first of its kind in India and we are in the process of sending the proposal to the Forward Markets Commission," Chandel said.
ICEX, which started operations last year, currently trades in copper cathode, crude oil, gold, silver, natural gas, lead, guarseed and refined soyoil contracts.
India, the world's third-largest iron-ore supplier, exported 105.6 million tons of the commodity in the last fiscal year ended March 31, according to industry estimates.
ICEX is also in the process of putting in place assaying and warehousing facilities in order to facilitate deliveries. It is jointly promoted by Indiabulls Financial Services Ltd and MMTC Limited, and has Indian Potash Ltd, KRIBHCO and IDFC among others, as its partners.
