India's NCDEX re-launches 1kg Gold, 30kg Silver contracts after one year

India's second largest commodity derivatives trading platform, National Commodity & Derivatives Exchange (NCDEX) has re-launched its gold contract of 1 kilo gram and silver contracts 30 kilo gram after a year of suspension.

MUMBAI (Scrap Monster): India's second largest commodity derivatives trading platform, National Commodity & Derivatives Exchange (NCDEX) has re-launched its gold contract of 1 kilo gram and silver contracts 30 kilo gram after a year of suspension.

NCDEX contracts include Gold 1 kg and Silver 30 kgs for delivery in October, December and February 2014. The exchange has currently small lot size contracts in gold and silver. But, the participation remained very thin. NCDEX has pioneered in a number of agri contracts. But, going always remained tough for the exchange in non-agri segment.

“We had these contracts earlier. But, we somehow could not launch them after the expiry of existing contracts approximately a year ago. Now, these contracts have been made available for trade with added features for traders’ convenience,” said Ananda Kumar, Chief Business Officer, NCDEX while announcing the launch of these contracts on Thursday.

“We keep on trying with innovations with non agri segment. Our steel contract was very successful, for example. The quality of steel on our platform was non-Bureau of Indian Standard (BIS) earlier. With the BIS making quality specification mandatory, we are all set to introduce BIS hallmarked steel contract soon,” said Vijay Kumar, Chief Corporate Services, NCDEX.

Te exchange has added two more delivery centres including Mumbai and Delhi in the re-launch in addition to the existing Ahmedabad so that traders can take advantage of easy delivery.