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NCDEX to launch futures trading in 'Paddy Basmati-Pusa 1121' on Wednesday

Press Trust of India/New Delhi 09 Jul 19 | 06:25 PM

Leading agri-commodity bourse NCDEX will launch futures trading in 'Paddy (Basmati)- Pusa 1121' on Wednesday.

Karnal, a core trading centre in Haryana will remain as basis delivery centre, while Sonipat will be the additional delivery centre for 'Paddy (Basmati)- Pusa 1121' futures contracts, the exchange said in a statement.

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Investors can trade up to 10 tonne with a compulsory delivery option, it said.

"We are encouraged by the continued support of the grain industry and look forward to the successful launch of the contract," NCDEX Managing Director and Chief Executive Officer Vijay Kumar said.

NCDEX already has wheat and maize futures on its platform. Addition of 'Paddy (Basmati)- Pusa 1121' will improve decision-making of the value chain," said Kapil Dev of NCDEX.

Indian grain industry, which has been growing at a steady rate year-on-year, is exposed to high price risk. The foodgrain industry uses wheat, maize and paddy as inputs for measuring demand and supply trend of grains and any adverse price movement can erode the whole profit margin, he added.

NCDEX said this hedging instrument will help commodity participants fetch better price for their grain produce and, thus, will enhance their income.

The country's total rice output is around 116 million tonne, while Basmati rice is about 5.5 million tonne with more than 70 per cent share of global Basmati production, while Pakistan contributes with the rest of about 30 per cent share, it added.

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