BSE or Bombay Stock Exchange said on Friday that it commenced commodity derivatives trading in turmeric. The launch of turmeric futures, which will be traded with a lot size of 10 metric tonnes, in Sangli, Maharashtra received "immense support from the turmeric traders" of the city, BSE said in a statement. The stock exchange also announced Nizamabad as the basic delivery centre for the turmeric contracts, and Sangli, Erode and Basmat as additional delivery centres. The turmeric August futures contract rose as much as 1.45 per cent in early deals.
"Launch of trading in turmeric contracts is in line with our long-term vision to introduce various agri/non-agri commodities contracts on the BSE platform," said BSE managing director and CEO Ashishkumar Chauhan.
"We strongly believe there is a lot of scope for growth in the commodities market and look forward to launching more agri commodities and providing effective risk hedging instruments using the latest technology and risk management framework to all Indian stakeholders, he added.
BSE also said it had tied up with various agricultural premier associations and warehouse service providers in the country for the growth and development of commodity derivatives markets in the agricultural complex.
At 9:44 am, the turmeric August futures traded 1.36 per cent higher on the BSE.
Among other gainers in the commodities derivatives segment were guar seed July futures (up 0.48 per cent), guar seed August futures (up 0.32 per cent) and silver July futures (up 0.16 per cent). On the flipside, cotton July futures were down 0.09 per cent at the time.
The exchange had earlier this year received Sebi's nod to launch futures contracts in turmeric, castor seed and chickpea.
Get Breaking news, live coverage, and Latest News from India and around the world on NDTV.com. Catch all the Live TV action on NDTV 24x7 and NDTV India. Like us on Facebook or follow us on Twitter and Instagram for latest news and live news updates.