ICEX proposes trading in iron-ore futures

22 May 2010

1

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.

Business History Videos

History of hovercraft Part 3 | Industry study | Business History

History of hovercraft Part 3...

Today I shall talk a bit more about the military plans for ...

By Kiron Kasbekar | Presenter: Kiron Kasbekar

History of hovercraft Part 2 | Industry study | Business History

History of hovercraft Part 2...

In this episode of our history of hovercraft, we shall exam...

By Kiron Kasbekar | Presenter: Kiron Kasbekar

History of Hovercraft Part 1 | Industry study | Business History

History of Hovercraft Part 1...

If you’ve been a James Bond movie fan, you may recall seein...

By Kiron Kasbekar | Presenter: Kiron Kasbekar

History of Trams in India | Industry study | Business History

History of Trams in India | ...

The video I am presenting to you is based on a script writt...

By Aniket Gupta | Presenter: Sheetal Gaikwad

view more
View details about the software product Informachine News Trackers