India considers late trading in agricultural commodities - regulator
MUMBAI (Reuters) - India is considering late-evening trading in commodities such as sugar and soybeans to increase market participation, Ramesh Abhishek, chairman of the Forward Markets Commission (FMC), told reporters on Sunday.
Late trading is currently allowed only in metals and energy products, where prices follow global markets. In agriculture commodities, futures trading currently takes place between 10 a.m. and 5 p.m.
"We are discussing with exchanges and other trade participants how we can start late-evening trading in agriculture commodities as some spot markets remain open till 8 p.m.," Abhishek told reporters on the sidelines of a conference.
The National Commodity and Derivatives Exchange, the biggest platform for futures trade in agriculture commodities, has already sought approval of the FMC to start late trading in some commodities.
"Late-evening trading can help market participants. It would be convenient for people trading commodities which are linked to the international market," said Samir Shah, managing director of NCDEX.
(Reporting by Rajendra Jadhav and Siddesh Mayenkar)
- Tweet this
- Share this
- Digg this
India threatened on Friday to block a worldwide reform of custom rules, which some estimates say could add $1 trillion to the global economy and create 21 million jobs, prompting a U.S. warning that its demands could kill global trade reform efforts. Full Article