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Challenges ahead as Hong Kong unveils plans for commodities trading

Posted on 10 March 2014 by VRS  |  Email |Print

Hong Kong Exchanges and Clearing’s plan to introduce the Hong Kong version of the London Metal Exchange platform this year is a baby step to kick off the local commodities market, but brokers and observers warned there will be challenges in developing the new market.
“HKEx spent a lot of money buying the LME in 2012 but we have yet to see how the deal will help promote the local commodities market. It is good to see HKEx is finally doing something to promote commodities trading in Hong Kong,” said Christopher Cheung Wah-fung, a legislator for the financial services sector…………………………………………Full Article: Source

Baden Wright appointed as new CEO for Carbon Trade Exchange

Posted on 07 March 2014 by VRS  |  Email |Print

Carbon Trade Exchange Australia (CTX) on Thursday announces the appointment of Baden Wright as Chief Executive Officer. Baden has a wealth of expertise in the Information Communications Technology (ICT) industry, with over 20 years’ experience across Banking & Finance, Telecommunications, Manufacturing, Airlines, Power Utilities and Government.
He is an experienced executive with a superior understanding of technology and business concepts from inception through to market implementation………………………………………..Full Article: Source

CME Group’s turn to move into Asian commodities markets

Posted on 05 March 2014 by VRS  |  Email |Print

CME Group Inc., locked in a race to extend its global footprint against rival IntercontinentalExchange Inc., has found itself outflanked in Asia by ICE’s just completed takeover of the Singapore Mercantile Exchange.
The $8.0 billion transaction now intensifies pressure on Chicago-based CME Group, the world’s largest owner of commodity exchanges, to carry out its own acquisition in the high-growth Asian market. ……………………………………….Full Article: Source

HKEx to add yuan futures in night trading session

Posted on 05 March 2014 by VRS  |  Email |Print

HKEx looks to extend trading hours for the products from April to allow for hedging by investors in the wake of recent volatility in the currency. Hong Kong Exchanges and Clearing will add yuan currency futures in an after-hours evening session from April 7 in its latest effort to promote yuan products.
“The yuan has become very volatile recently while its trading pattern last week showed the currency did not always go up. This would be the right time for HKEx to extend the trading hours for yuan futures to allow investors to do some hedging,” Charles Li Xiaojia, chief executive of the bourse, said as he unveiled HKEx’s strategy at its annual media briefing……………………………………….Full Article: Source

MCX slashes transaction charges across commodities

Posted on 27 February 2014 by VRS  |  Email |Print

Multi Commodity Exchange of India Ltd (MCX), the country’s largest commodity exchange by market share, has reduced transaction charges across commodities, in a move aimed at lowering the cost of trading and pushing up volumes.
“This move by MCX would make trading in agri-commodities more accessible for the farm community and other participants in commodity market ecosystem, and improve overall hedging efficiency,” said Manoj Vaish, managing director and chief executive officer. “This is an important incremental step towards market inclusion.”……………………………………….Full Article: Source

Deutsche Boerse extends Asia reach with Indonesia agreement

Posted on 26 February 2014 by VRS  |  Email |Print

Two Deutsche Boerse -backed companies have signed agreements with Indonesia’s top commodity exchange seeking to develop trading platforms, market surveillance and clearing, the companies said on Tuesday.
The agreements are the latest step by Germany’s biggest exchange operator to grow its footprint in Asia. Exchange operators from outside the region have tended either to acquire a local player or set up their own Asia bourse to compete with Chinese and Indonesian exchanges. ……………………………………….Full Article: Source

MCX to exit 3 exchange ventures

Posted on 21 February 2014 by VRS  |  Email |Print

Multi Commodity Exchange of India (MCX), which is promoted by Financial Technologies (India) (FTIL), intends to sell its holding in entities like Dubai Gold & Commodities Exchange (DGCX), MCX Stock Exchange (MCX-SX) and MCX-SX Clearing Corporation.
“MCX intends to divest its shareholding in a few ventures… the organisation needs investment/merchant bankers to strategically advise on the sale of these shares,” said an advertisement issued by the commodity futures bourse………………………………………..Full Article: Source

Gold jewellery, bar and coin demand hit record levels in 2013 - WGC

Posted on 20 February 2014 by VRS  |  Email |Print

While 880.8 tonnes of gold flowed out of exchange traded funds in 2013, according to the World Gold Council’s Gold Demand Trends report for the fourth quarter and full year 2013, three quarters of these outflows were absorbed by consumer demand.
This, the WGC says, marks the largest year-on-year increase in consumer demand for the yellow metal since its records began and justifies it calling 2013, the year of the consumer. But, it says, it also reflects a distinct polarisation in sentiment between those institutional funds selling out of ETFs and consumers buying jewellery, bars and coins………………………………………..Full Article: Source

LME widens direct access to market data

Posted on 18 February 2014 by VRS  |  Email |Print

LME announces a new policy to allow clients of LME members to connect directly to the Exchange’s electronic trading platform, LMEselect, for market data. The change will be effective from 24 March 2014.
In response to user demand, the LME will enable market participants to connect to LMEselect directly to receive a data-only feed. Until now, clients have only been able to access data through members or independent software vendors (ISVs). The new policy is of particular interest to members’ clients pursuing an algorithmic trading strategy, as they can now trade with the benefit of lower-latency access………………………………………..Full Article: Source

Lusaka Bourse may buy stake in commodities market after tie-up

Posted on 18 February 2014 by VRS  |  Email |Print

Zambia’s Lusaka Stock Exchange said it will consider buying a stake in Zamace Ltd., the sole agricultural commodities bourse in Africa’s largest copper producer, as the markets talk about areas of cooperation.
“These are the details that will come from the various discussions,” Brian Tembo, chief executive officer at the Lusaka Stock Exchange, said today in an interview in the capital. “We are not restricting ourselves to anything.”……………………………………….Full Article: Source

India: Commexes to cut transaction fee on non-deliverables

Posted on 18 February 2014 by VRS  |  Email |Print

The flexibility to fix transaction charges has sparked a fight among the commodities futures exchanges to grab market share, a majority held by the Multi Commodity Exchange (MCX).
The exchanges have started working on reducing the charges on non-agricultural commodities contracts like metals and energy’s that are cash settled and non-deliverable. Most important, these are 86 per cent of the accumulative turnover of all exchanges. The MCX accounts for 90 per cent of the turnover in this segment………………………………………..Full Article: Source

Kenya: Commodities exchange can transform farming

Posted on 14 February 2014 by VRS  |  Email |Print

News that Kenya will host a regional commodities exchange could not have come at a better time. The face of Kenya in the recent days has been one of extreme want. Tens of thousands of Kenyans are at risk of starvation.
Already, there have been the sordid tales of affected families eating poisonous fruits and other dehumanising cocktails — including the canine meal that should never have been………………………………………..Full Article: Source

India: Commodity exchanges’ turnover drops 55 pct in January

Posted on 14 February 2014 by VRS  |  Email |Print

The combined turnover of commodity exchanges declined by 55 per cent to Rs. 6.56 lakh crore in January due to a sharp fall in trading volumes in bullion and metals, data from the Forward Markets Commission (FMC) showed.
These exchanges had clocked a business of Rs. 14.55 lakh crore in the corresponding month last year, teh data showed. According to the FMC, maximum business of Rs. 5.18 lakh crore was generated by MCX, followed by NCDEX at Rs. 98,881 crore; NMCE - Rs. 18,294 crore; UCX - 6,318 crore; ICEX - Rs. 5,878 crore, and ACE at Rs. 3,676 crore during last month………………………………………..Full Article: Source

India: Commodities, securities norms to converge

Posted on 14 February 2014 by VRS  |  Email |Print

With the commodities derivatives regulator, Forward Markets Commission (FMC), now under the finance ministry, rules governing the commodities markets are being converged with the securities derivatives’, wherever there are similarities.
One is to disallow commodity exchanges from having different transaction charges for different brokers. In securities, irrespective of volumes, the charges are similar for all brokers. However, the FMC has allowed exchanges to have different transaction charges for deliverable commodities………………………………………..Full Article: Source

Why we need basis exchanges in commodities

Posted on 06 February 2014 by VRS  |  Email |Print

The decade that went by saw increased interest in commodities as an asset class. Most of these investments were made in liquid exchange-listed derivatives. We witnessed the blossoming of new exchanges and product listings from South Africa to Sao Paulo.
All of these exchanges have vied singularly for a greater transactional flow that has prompted them to launch newer products. The conventional belief is that futures and cash markets converge on expiry of the contract; hence a futures exchange should in theory reflect the cash fundamentals of the listed commodity……………………………………….Full Article: Source

Hong Kong gold exchange to lobby harder for precious metals bourse and warehouse in Qianhai

Posted on 05 February 2014 by VRS  |  Email |Print

The Chinese Gold & Silver Exchange Society, which operates the precious metals exchange in Hong Kong, has set up a concern group to ramp up its lobbying efforts in the Qianhai special economic zone in Shenzhen after the central government said it would create more free-trade zones.
At the exchange’s first trading session in the Year of the Horse yesterday, president Haywood Cheung Tak-hay said it expected to unveil a legal and logistics framework in the first half of this year for setting up an exchange and a metals warehouse in Qianhai………………………………………..Full Article: Source

Nigeria: FG to complete sale of Abuja Exchange June

Posted on 30 January 2014 by VRS  |  Email |Print

The Federal Government has said the proposed sale of the Abuja Securities and Commodities Exchange will be completed by June this year. The director General of the Securities and Exchange Commission, SEC, Arunma Oteh, who disclosed this in Abuja noted that the government’s earlier commitment to complete the privatisation exercise by the end of last year could not hold, as it was unable to meet the deadline.
According to Oteh, “the government wants to privatise the only commodity exchange and it had committed to doing it by the end of last year. It didn’t meet that deadline, but it’s planning to do something by the middle of 2014.”……………………………………….Full Article: Source

India: Commodity exchanges’ turnover falls 59 pct in first half of January

Posted on 27 January 2014 by VRS  |  Email |Print

Turnover of 17 commodity bourses fell 59 per cent to Rs. 2.82 lakh crore in the first fortnight of this month, with maximum decline in business seen at MCX, ACE and ICEX.
According to the latest data released by the Forward Markets Commission (FMC), the cumulative turnover of all commodity exchanges fell to Rs. 2.82 lakh crore during the January 1-15 period of this year, from Rs. 6.89 lakh crore in the corresponding period a year ago………………………………………..Full Article: Source

Nigeria to sell Abuja commodity exchange stake to revive market

Posted on 23 January 2014 by VRS  |  Email |Print

Nigeria’s government plans to sell its ownership of the Abuja Securities & Commodities Exchange by the middle of the year after missing an initial deadline in a plan to revive trading.
“The government wants to privatize the only commodity exchange and it had committed to doing it by the end of last year,” Securities and Exchange Commission Director General Arunma Oteh said in a Jan. 15 interview at the regulator’s headquarters in the capital, Abuja. “It didn’t meet that deadline, but it’s planning to do something by the middle of 2014.”……………………………………….Full Article: Source

Commodity exchanges miffed by Mifid

Posted on 15 January 2014 by VRS  |  Email |Print

The name of the legislation is a mouthful and its acronym captures the feeling of many European commodity players towards it. The EU’s Markets in Financial Instruments Directive II, or Mifid (say it fast), could finally be agreed in Strasbourg today, after nearly four years of negotiations.
Among other things, the rules will impose fixed position limits in European commodity markets, from agriculture to metals and energy. The aim is to prevent uncontrolled speculation by traders and hedge funds who through outsized derivative transactions may seek to corner the market for their own gain………………………………………..Full Article: Source

Korea Exchange wins bid to host nation’s carbon trading

Posted on 15 January 2014 by VRS  |  Email |Print

The Korea Exchange (KRX) will host trading under South Korea’s emissions trading scheme, set to become the world’s second biggest when it launches on Jan. 1, 2015, the Ministry of Environment said Monday.
KRX, the nation’s only securities exchange, won the bid to service the nation’s carbon market ahead of the Korea Power Exchange, a senior government official told Reuters. The scheme will cap greenhouse gas emissions from over 400 of South Korea’s biggest polluters, mainly power generators and manufacturers………………………………………..Full Article: Source

Deutsche Börse deepens push into Asia commodities

Posted on 14 January 2014 by VRS  |  Email |Print

Deutsche Börse is deepening its push into commodities trading in Asia by taking a majority stake in Cleartrade Exchange, the Singapore-based commodity derivatives bourse.
The German exchange operator has bought a 52 per cent stake in Cleartrade via its European Energy Exchange (EEX) subsidiary. EEX paid cash for the controlling stake but further details of the transaction, which closed at the end of December, were not disclosed. Regulators in Singapore and Europe have approved the purchase………………………………………..Full Article: Source

India: Commodities trade dips over 36pct in Apr-Dec

Posted on 14 January 2014 by VRS  |  Email |Print

Commodities exchanges saw a heavy decline in trading during the first nine months (April-December) of the current fiscal. This comes in the backdrop of all-round deceleration in agri and non-agri commodities trade.
According to the latest data from commodities market regulator Forward Markets Commission (FMC), trade was down both in value and volume terms. In terms of volume, the total trade declined to 71.22 crore tonnes in April-November 2013-14, from 112.38 crore tonnes in the corresponding period last year. At the same time, the trade value shrunk to Rs 82.46 lakh crore (Rs 129.62 lakh crore)………………………………………..Full Article: Source

India: Commodity bourses turnover drops by over 36 pct in April-December of FY’14

Posted on 10 January 2014 by VRS  |  Email |Print

The turnover of the commodity bourses fell by 36.38 per cent to Rs 82.46 lakh crore till December of the ongoing fiscal, as against Rs 129.6 lakh crore in the year-ago period, according to regulator FMC.
The business turnover has showed a decline in most of the 17 commodity bourses in the country after the imposition of commodity transaction cost since July 2013 and due to the around Rs 5,500 crore payment crisis at spot exchange NSEL, analysts said……………………………..Full Article: Source

Iran’s Mercantile Exchange up 60pct in 9 months

Posted on 09 January 2014 by VRS  |  Email |Print

Latest official statistics show that the value of Iran’s Mercantile Exchange (IME) has increased by 60 percent in the last 9 months. “Our biggest reason for the past months’ recent success is because of Iran’s extreme increase in national production; our hottest commodities are industry and mine, petroleum, crude oil and agriculture,” said IME Deputy of Operations Mehrzad Namdari.
Since March 2013, trade volume has increased by 19 percent at IME, despite the illegal US-engineered sanctions against Iran, especially those targeting its oil and banking sectors, over the country’s nuclear energy program………………………………………..Full Article: Source

Zimbabwe: Nation aims for commodities exchange

Posted on 08 January 2014 by VRS  |  Email |Print

Zimbabwe’s hopes of establishing an Agriculture Commodity Exchange (ACE) by March 2014 have been dampened by persistent low grain and cereal output, analysts say. The southern African country must address production challenges as part of a broader strategy to revive agricultural production to peak levels and sustain the exchange, said Takunda Mugaga, senior reseacher at Research firm Econometer Capital Global (Econometer).
“A depressed supply does not make setting of a commodities exchange feasible so it has to be addressed,” said Mugaga, who also sits on the board of Zimbabwe’s largest industry body, the Zimbabwe National Chamber of Commerce………………………………………..Full Article: Source

Financial Tech ruled ‘not fit’ to run MCX

Posted on 20 December 2013 by VRS  |  Email |Print

Exchange owner Financial Technologies (India) Ltd was deemed not fit by regulators on Wednesday to run India’s biggest commodities bourse and ordered to sell most of its holding.
Forward Markets Commissions (FMC), which oversees commodities markets, removed its “fit and proper” designation for both Financial Technologies and its chief executive, Jignesh Shah - a status needed to operate an exchange in India………………………………………..Full Article: Source

China’s Bohai exchange to launch rubber, iron ore trading in yuan

Posted on 19 December 2013 by VRS  |  Email |Print

China’s Bohai Commodity Exchange, a local government-backed online trading platform for spot commodities, plans to launch cross-border trading in yuan for natural rubber and iron ore.
It announced the plans in Hong Kong Tuesday during a roadshow to promote the new trading system, an exchange official said in an interview Wednesday. In April, the exchange became China’s first non-financial organization to get approval from the central government to offer yuan-based cross-border trading………………………………………..Full Article: Source

Regulator bars founder from India’s largest commodities exchange

Posted on 19 December 2013 by VRS  |  Email |Print

In a blow to the founder of India’s largest commodity exchange, the country’s market regulator on Tuesday barred Financial Technologies India Ltd. from running Multi Commodity Exchange of India Ltd in the wake of alleged trading irregularities at another exchange.
Forward Markets Commission ordered Financial Technologies to pare down its stake to 2% from 26% in the exchange, saying there was evidence of misconduct at its subsidiary company National Spot Exchange Ltd………………………………………..Full Article: Source

Bohai Commodity Exchange launches online yuan trading platform in Hong Kong

Posted on 18 December 2013 by VRS  |  Email |Print

Bohai Commodity Exchange, the only mainland exchange allowed to do cross-border yuan trading, launched a platform in Hong Kong on Monday – its first step in expanding internationally.
Yan Dongsheng, board chairman of the exchange, told South China Morning Post that its online trading platform would allow Hong Kong and foreign investors who join the bourse to make yuan settlements………………………………………..Full Article: Source

HKEx-owned London Metal Exchange to launch clearing house

Posted on 18 December 2013 by VRS  |  Email |Print

The London Metal Exchange may have a Hong Kong member soon. It also plans to launch a clearing house and new commodity products in the city next year.
The announcement of the world’s largest metal exchange’s expansion plans in the city came as Tianjin-based Bohai Commodity Exchange introduced its online trading platform to Hong Kong companies………………………………………..Full Article: Source

Heirs Chairman Elumelu plans to start Nigeria commodities bourse

Posted on 13 December 2013 by VRS  |  Email |Print

Heirs Holdings Ltd., a Nigerian investment company with interests across Africa in banking, energy, real estate and agriculture, plans to set up a commodities exchange in the continent’s most populous nation.
The Lagos-based investor wants to acquire the state-owned Abuja Commodities Exchange when it is sold, Heirs Chairman Tony Elumelu said in an interview with Bloomberg Africa TV to be broadcast Dec. 14. If it’s unable to buy the exchange, Heirs Holdings will apply to Nigeria’s Securities and Exchange Commission to set up one, he said………………………………………..Full Article: Source

HKEx plans to develop as commodities ‘meeting ground’-CEO

Posted on 05 December 2013 by VRS  |  Email |Print

The Hong Kong bourse plans to build up its commodity business by co-listing global benchmarks in metals and other products and matching them with key contracts traded on China’s exchanges, its CEO said.
By hosting both Chinese and global benchmark contracts, the Hong Kong Exchanges and Clearing Ltd (HKEx) aims to tap opportunities from arbitrage trade and the growing acceptance of China’s renminbi currency internationally………………………………………..Full Article: Source

MCX turnover hits five-year low on CTT, NSEL fallout

Posted on 02 December 2013 by VRS  |  Email |Print

Anew tax on non-food items, a crisis in a promoter group firm, increase in margins and a trading closure of non-farm products on Saturdays have culminated in trading volumes on MCX, the country’s largest commodity exchange and the only listed one, having fallen by a whopping 70% over the past five months.
Average daily volumes during November plunged to Rs 15,369 crore from Rs 48,179 crore in June, a decline of 68.1%. This, in turn, took MCX’s turnover to a five-year low last month………………………………..Full Article: Source

HKEx plans to launch new commodities futures in 2H 2014-company official

Posted on 29 November 2013 by VRS  |  Email |Print

Hong Kong Exchanges and Clearing (HKEx) plans to launch new commodities futures contracts in the second half of next year, an official said on Wednesday. The new contracts HKEx is targeting include iron ore and coking coal, and are designed to feed off the region’s strong physical trade flows as the exchange aims to boost volumes and attract new members, the company official said.
“We do plan to start listing futures products in Hong Kong, probably in the second half of next year,” Romnesh Lamba, co-head of the global markets division, said at a conference………………………………………..Full Article: Source

MCX, Dalian Commodity Exchange tie up

Posted on 21 November 2013 by VRS  |  Email |Print

Multi Commodity Exchange (MCX) and the People’s Republic of China-based Dalian Commodity Exchange (DCE) have signed a memorandum of understanding to boost co-operation. The agreement is designed to facilitate potential collaboration in areas such as knowledge-sharing, research and price risk management.
The move will also foster the development of communication channels for the sharing of information between the exchanges, MCX said in a press statement…………………………………Full Article: Source

Financial Technologies sells Singapore commodities bourse to ICE

Posted on 20 November 2013 by VRS  |  Email |Print

Embattled Financial Technologies (India) Ltd is selling its Singapore Mercantile Exchange (SMX) unit to Intercontinental Exchange Group Inc for $150 million.
Analysts had expected Financial Tech would shed some of its ownerships in exchanges to protect its core trading platforms business as the company faces regulatory scrutiny that has sent its shares down more than 80 per cent this year……………………………………Full Article: Source

Economic offences wing starts probe against commodity exchange

Posted on 20 November 2013 by VRS  |  Email |Print

The economic offences wing (EOW) of the Mumbai Police has initiated an inquiry against the National Commodity & Derivatives Exchange (NCDEX) after Betul Oil, one of the members of the bourse, filed a complaint alleging cheating.
According, the complaint has been filed by Vineet Chopra of Betul Oil who is also one of the members of the Kalimirch Vyapari Association in Madhya Pradesh. The complaint alleged his company had been duped of Rs 237 crore. NCDEX refuted the allegations and said that Betul Oil and some of the members of the association are being investigated for price manipulation on the exchange……………………………………Full Article: Source

Commodity exchanges’ turnover down 30pct in April-October due to CTT

Posted on 18 November 2013 by VRS  |  Email |Print

The turnover of the commodity exchanges fell by 30 per cent to Rs 71,60,162.84 crore in the first seven months of this fiscal due to sharp fall in trading volumes in most commodities, according to the Forward Markets Commission (FMC).
The business at these bourses stood at Rs 101,55,637 crore in the same period last year, the commodity markets regulator FMC said in its latest report………………………………………..Full Article: Source

Boom year for Dubai Gold and Commodities Exchange

Posted on 12 November 2013 by VRS  |  Email |Print

Volumes on the Dubai Gold and Commodities Exchange (DGCX) have surged 56 per cent year on year on the back of strong growth in precious metal contract trades. Gold futures trading surged 60 per cent during October, with 45,928 contracts being traded. Silver futures rose 88 per cent to hit a new monthly high of 2,882 contracts traded.
Precious metals and gold in particular are central to the exchange’s expansion plans, with a spot gold contract to be launched imminently, according to Gary Anderson, DGCX’s chief executive………………………………………..Full Article: Source

China exchange hatches egg future plan

Posted on 07 November 2013 by VRS  |  Email |Print

Recognising that investors should not put all their eggs in one basket, a Chinese commodities exchange is offering a novel futures contract to hedge against risk. The Dalian Commodity Exchange, China’s main market for agricultural product trading, said it will begin trading chicken egg futures on Friday.
Futures are an agreement to deliver or take delivery of a commodity or financial instrument at a set date and price. “As China’s first livestock futures product and fresh agricultural product, the introduction of egg futures has profound meaning for the industry and development of the futures market,” the exchange said in a statement on Wednesday………………………………………..Full Article: Source

Three of seven commodity exchanges in ČR may lose licence

Posted on 01 November 2013 by VRS  |  Email |Print

Three out of the seven active commodity exchanges in the Czech Republic are in danger of losing their licence and administrative proceedings due to breaches of law are under way with them, daily E15 writes Wednesday.
Two of them are exchanges trading in energies so that only one exchange enabling electricity and gas purchases for final consumption would be left. The Industry and Trade Ministry leads proceedings against the Commodity Exchange Profit due to some 20 breaches of the law on commodity exchanges…………………….Full Article: Source

Founder of top India commodity exchange quits amid investigation

Posted on 01 November 2013 by VRS  |  Email |Print

Jignesh Shah resigned from the board of Multi Commodity Exchange of India Ltd., the nation’s biggest commodity trading platform, amid an investigation into the failure of a related spot bourse.
Shah, 46, quit as non-executive vice chairman with immediate effect, according to a filing yesterday from the company he founded in 2003. He said he’s leaving to help ensure investors aren’t harmed by “mud-slinging” over the probe…………………….Full Article: Source

India: Commexes to open Diwali muhurat trading for 2 hrs on Nov 3

Posted on 28 October 2013 by VRS  |  Email |Print

The country’s top six national commodity bourses will open ‘muhurat trading’ session for two hours on Diwali which falls on November 3, according to the regulator Forward Markets Commission (FMC).
The commodity bourses — MCX, NCDEX, NMCE, ACE, ICEX and UCEX — are allowed to fix the muhurat trading session on November 3 (Sunday) from 6 pm to 8 pm in all commodities, FMC said in a circular. The exchanges are directed to inform brokers and traders in this regard, it said………………………………………..Full Article: Source

MCX panel to run top India commodity bourse as probe widens

Posted on 24 October 2013 by VRS  |  Email |Print

The Multi Commodity Exchange of India Ltd. formed a panel to run the nation’s biggest platform for commodities as authorities widened a probe into trading practices at a related spot bourse.
Pravir Vohra and G. Ananth Raman have been appointed as independent directors to the board, Multi Commodity, also known as MCX, said in an exchange filing today. Parveen Kumar Singhal, a deputy managing director, will act as the chief executive until a managing director is named, it said………………………………………..Full Article: Source

Ondo set to establish state commodities exchange

Posted on 23 October 2013 by VRS  |  Email |Print

Ondo State Government has decided to establish a commodities exchange which will help in strengthening the production, marketing and processing of the value chain of cocoa in the state.
Briefing journalists at Cocoa Conference Hall of the Governor’s Office on the decisions taken at the last Executive Council meeting, the State Commissioner for Information, Mr Kayode Akinmade revealed that the commodities exchange will further help in transforming cocoa marketing in the State by ensuring that farmers get adequate rewards on the produce of their farms………………………………………..Full Article: Source

Singapore Exchange to develop commodity products with Shanghai Futures

Posted on 22 October 2013 by VRS  |  Email |Print

Singapore Exchange Ltd (SGX) , the city-state’s bourse operator, is to develop commodity derivatives with the Shanghai Futures Exchange for both markets, the SGX said on Monday.
The two will collaborate on derivatives for energy, metals, chemicals and commodity indexes, it said in a statement, without giving further detail. The Shanghai Futures Exchange, China’s biggest futures market, trades base metals, precious metals, steel products, oil products and natural rubber………………………………………..Full Article: Source

Change is in the air, promises London Metal Exchange chief

Posted on 21 October 2013 by VRS  |  Email |Print

Garry Jones, the new chief executive of the world’s largest bourse for industrial metals, has plans to grow business out of Asia, open a clearing house and develop more options trading.
Change is coming at the London Metal Exchange (LME) says Garry Jones, the new chief executive of the world’s largest bourse for industrial metals who plans to grow business out of Asia, open a clearing house and develop more options trading to modernise the 136-year-old exchange………………………………………..Full Article: Source

China seeks pricing say with iron ore futures

Posted on 18 October 2013 by VRS  |  Email |Print

China’s Dalian Commodity Exchange on Friday will launch the country’s first iron ore futures with physical delivery, to gain more pricing power on the commodity. Chinese steel makers are the world’s biggest iron ore buyers. Volatile iron ore prices have exposed steel makers to risks.
Chinese steel makers suffered losses from volatile iron ore prices and futures provide hedging tools for domestic steel makers and spot traders, said Zhang Yichen, an analyst with Yongan Futures Research Academy. The futures also help Chinese steel makers gain pricing power………………………………………..Full Article: Source

China to trade iron ore futures

Posted on 16 October 2013 by VRS  |  Email |Print

China’s Dalian Commodity Exchange will start trading the country’s first iron ore futures for physical delivery this week, challenging index-backed contracts by CME Group Inc. and Singapore Exchange Ltd. Trading will begin Friday after the securities regulator approved the plan last week, the bourse in the northeastern port city said.
Chinese steelmakers, the world’s biggest iron ore buyers, earlier this year questioned the reliability of a price index provided by Platts that became a benchmark after producers including Vale SA and Rio Tinto Group scrapped annual contract price talks in 2010. China started its own spot trading platform last year, introducing a weighted average daily price in March………………………………………..Full Article: Source

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