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Epic Research Daily Agri Commodity Report Of 10 December 2018

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India, 10 December 2018 -- Indian Commodity Exchange (ICEX), the Mumbai-based online commodity derivatives platform that took over the National Multi Commodity Exchange (NMCE) in August, will add black pepper and cardamom to its list of traded commodities.

Indian Commodity Exchange (ICEX), the Mumbai-based online commodity derivatives platform that took over the National Multi Commodity Exchange (NMCE) in August, will add black pepper and cardamom to its list of traded commodities.
The exchange, which has begun trading in diamond, steel and rubber, plans to expand into plantation commodities. We will launch black pepper contracts next month, followed by cardamom contracts, a top official of ICEX said in a statement.
Trading in black pepper futures on a national exchange was stopped some years ago after the seizure of mineral oil-contaminated pepper from warehouses.
At a meeting ICEX held with the black pepper traders, it was suggested that the trading lot and delivery unit of pepper contracts be changed from 100 kg to 1 tonne.
"ICEX will endeavour to make rubber and pepper prices, discovered by hundreds of small Indian traders sitting in Kottayam, Ernakulam, Pala, Kushalnagar and Hassan, become global price benchmarks and establish Indian prices internationally," the official said.
NMCE used to conduct futures trading in rubber.
EconomicNews
Pact had been signed by the Indian and Iranian government on Nov. 2 2018 for oil payment in rupees, 50 percent of those payments will be used for exporting items to Tehran. State-owned UCO Bank is expected to announce the payment mechanism in the next 10 days.
Oil payments are being made in rupees only as against earlier arrangements where there was a ratio of 45 percent rupees and 55 percent euros.
Russian and Chinese shipping companies were pitching to facilitate India-Iran trade, the source said. Under U.S.
sanctions, India will be allowed to export farm commodities, food, medicines, and medical devices to Iran.
However, items such as petroleum and petrochemical products, automobiles, steel, precious metals and graphite are not allowed to be exported to Tehran.
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Submitted by Epic Research, Epic Research Pvt.Ltd indore on Monday, 10 December 2018 at 1:27 PM
Category: Business
 
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