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Futures and Commodity Market News |
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Sun May 11, 2008 |
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Breaking financial news 24/7 courtesy of TradingCharts.com Inc. / TFC Commodity Charts |
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New Delhi, May 07, 2008 (Asia Pulse Data Source via COMTEX) -- Multi Commodity Exchange, the country's leading commodity bourse, will launch a mini gold contract of eight gram from tomorrow to target small traders, who are most vocal against futures trading. Named as 'Gold Guinea', the contracts would be launched for July and August delivery from tomorrow, Akshya Tritiya and an auspicious day for gold buying, sources said. "Small investors, who want to take less risk, would be benefited with the launch of mini-gold contract," Delhi-based trader S K Jindal of Jindal Dyechme Industries told PTI. Rajesh Khosla of Metloy Trading Services said the mini contract may suit investors depending on the kind of flexibility, transparency and logistics the contract offers to the traders. The small traders have been opposing commodity futures trading holding it responsible for price rise. According to the mini contract, the maximum order size of the 24 carat gold would be 10 kg, a source said. MCX has fixed the delivery centres at Ahmedabad, Delhi, Mumbai, Hyderabad, Chennai, Bangalore and Kolkata, sources said, adding that the selection of multiple places indicates that the contract would be delivery oriented. At MCX, gold is amongst the top three traded commodities. Gold business on MCX during the first fortnight of April 2008 stood at Rs 50,268.8 crore compared with Rs 18,893.28 crore during the corresponding period last year. India tops the list of gold consumption in the world with an annual demand of 773.6 tons in 2007. |
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Copyright 2008 APU Newswire. All rights reserved. Please read the End User Agreement. News provided by COMTEX |
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