Stock Market

Exchange Official Says ICEX To Launch Steel, Petrol And Diesel Futures Contracts

The Indian Commodity Exchange (ICEX) is set to launch steel, petroleum and diesel future contracts and also had launched the world’s first diamond contract a year ago.

The trade sees an enormous interest for steel ingots and billets, which are fundamental raw materials for long steel items. The trade is additionally attempting to launch petroleum and diesel futures contracts to manage money disclosure.

ICEX managing director and CEO Sanjit Prasad told PTI, “They are hopeful of launching steel futures in the next one to two months as we have received the Sebi NOD”. He also stated, “They have received the in-principle NOD from the petroleum ministry”.

CEO Sanjit Prasad said, “An adding diesel and petrol contracts will allow sales vents and large fleet owners to defense against crude price uncertainty.”

The future contracts will give a price supporting stage to a lot of infrastructure players.

At first, they are looking at launching three future contracts for steel. These items could enable retail gas outlets and transporter gains new customers by offering settled-costs on a one, a few months, or even for the longer period.

The launch of futures contracts on diesel and petroleum will enable buyers to purchase these agreements at a settled-cost and to take conveyance at a future date-which could extend from a couple of days to a couple of months.

Remarking on development plans, it is noted that the ICEX is good to go to consolidate the Ahmedabad-based National Multi Commodity Exchange (NMCE) itself, making it the third biggest war trade after the MCX and the NCDEX.

The NMCE merger, which is running positive rubber contracts, will enable us to launch greater commodity-based contracts, as per the report from India Times.

The NMCE merger is required to be finished two months after the approval of NCLT.

[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]
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