ICEX set to add basmati rice and cardamom to its menu
Cardamom prices have skyrocketed this year, breaching the Rs 5,000 per kg mark, a new high.
Commodity Summary MCX
Futures trading in basmati, he said, will benefit farmers, stockists and exporters as they will be able to hedge against price volatility. Besides, stocking basmati for a long period in the warehouses enhances aroma and reduces breakage at the time of dehusking, he said. ICEX is meeting growers, traders and exporters of the cardamom industry for launching the futures contract. “We are working on it as we feel it should benefit all the stakeholders when launched,’’ Prasad said.
Cardamom prices have skyrocketed this year, breaching the Rs 5,000 per kg mark, a new high. The exchange launched isabgol contracts a month ago. India is a leading exporter of isabgol, which is considered a good source of dietary fibre. The cash crunch at NBFCs and slower growth in the economy have affected local prices of steel, an actively-traded commodity on the exchange. “Steel prices have dropped from Rs 39,900 last September to Rs 30,000/tonne now,’’ Prasad said.