Ace Commodity Exchange launches Futures Trading in Cotton
Mumbai: Ace Derivatives and Commodity Exchange Limited (Ã¢â‚¬Å“AceÃ¢â‚¬), a Kotak Mahindra Group anchored commodity exchange in India, today announced that it will commence futures trading in Cotton (Bales) from September 24, 2012
Ace is currently launching 3 contracts- expiring in the months of November 2012, December 2012 and January 2013. The price quotation is in Rs. /Candy, the trading unit for the contract is 1 Candy, and the delivery unit is of 48 Candy (or 100 bales). The tick size is Rs. 25 per candy. Contract basis centre is Rajkot with additional delivery centers at Kadi, Amreli, Surendranagar and Anjar in Gujarat. Currently all additional delivery centers are at par with no location premium/ discount.
Mr. Dilip Bhatia, CEO, Ace Derivatives and Commodity Exchange Limited said Ã¢â‚¬Å“We are pleased to launch an industry relevant Cotton bales contract which will provide an effective price discovery and risk management platform to all the stake holders in the cotton economy. The players including farmers, ginners, exporters, traders and millers will be able to efficiently hedge the price risk they carry in their day to day trade through their participation in this contract. The contract will help the participants to manage the extreme volatility seen in the prices of the commodity in the recent past very effectively through the hedging mechanism.Ã¢â‚¬
The contract provides for delivery of Ã¢â‚¬Å“Traded as Shankar 6 or equivalent to Shankar 6Ã¢â‚¬ Cotton. Ace has put in place a strong and robust testing process to ensure that quality of cotton accepted by the exchange warehouses meets the quality parameters set out in the contract.
Ace currently offers trading in 7 agri commodities viz. Castor, Chana, Mustard Seed, Refined Soy Oil, Soybean, Soybean Meal and Sugar.
Ace Derivatives and Commodity Exchange Limited is a screen based online derivatives exchange for commodities anchored by the Kotak Mahindra Group. Ace Commodity Exchange, earlier known as Ahmedabad Commodity Exchange Limited, has been in existence for more than 5 decades in Commodity Derivatives Business, bringing in the best and transparent Business Practices in the commodity space.
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