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Gold/Mining/Energy : Gold Price Monitor -- Ignore unavailable to you. Want to Upgrade?

To: Rick McDougall who wrote (95990)	9/28/2003 1:00:17 AM
From: maceng2	Read Replies (1) \| Respond to of 116770

thanks, and here is some gold bullion news... newstodaynet.com NMCE forays into bullion trading NT Bureau Chennai, Sept 27: The National Multi-Commodity Exchange of India Ltd (NMCE), the pioneer in electronic national multi-commodity exchange, is all set to include gold and silver futures trading from the first week of October. 'We will be introducing futures trading in gold and silver after a gap of 42 years through the online trading and settlement system backed by the latest technology and support infrastructure provided by our promoters Central Warehousing Corporation (CWC) and National Agricultural Cooperative Marketing Federation of India (NAFED) that will facilitate our bullion traders to arbitrage with world's commodity exchanges,' Kailash Gupta, managing director, NMCE, said here. Trading in 47 different commodities oilseeds, oils, metals and plantation crops through 135 terminals in 40 locations covering a network of 26 cities, NMCE was commissioned in November 2002 with 75 per cent equity contribution from prominent commodity PSUs CWC, NAFED, National Institute of Agricultural Marketing (NIAM), and other State-owned commodity traders and the rest 25 per cent from the Neptune Overseas Ltd, public limited export trading house. 'The first national commodity exchange promoted by PSUs trading in commodities, NMCE is based on 'demutualised' working system in which ownership, management and trading are with different sets of people and through warehouse receipts for delivered goods the whole process of commodity trading is made easier and transparent. Also, NMCE disseminates information on prices and amount of commodities for the benefit of the traders,' says Gupta. With current membership of 89 traders, NMCE has kept the unit of bullion trading and delivery at 100 gms and a standard .999 finesse. There will be seven bullion delivery centres at Chennai, Kolkata, Mumbai, New Delhi, Ahmedabad, Indore and Kochi. 'Apart from Rs two lakh as interest-free deposit for V-SAT satellite link plus Rs 10,000 as annual subscription charges, there are no admission fees or collateral security deposit for membership. Based on business margin, one has to pay up a percentage of it before hand to commence operations,' explained Gupta on the membership enrolment process. In near future, the NMCE will expand the futures trading to rice and wheat too after commissioning its bullion trading next week. Kailash Gupta also said, 'the settlement and clearing system is fully backed up by our lead promoter, CWC and NAFED, through a warehouse receipt system and we have introduced benchmark structures in institutionalising the commodity markets in this country'. Regulated by the Forward Markets Commission under the Forward Contracts Regulation Act, 1952, the NMCE on an average generates a business volume of Rs 150 crore per day. 'With access to CWC's network of 493 warehouses with storage capacity of 9.3 million tonnes across the country, NMCE enjoys first preference in its vast warehousing infrastructure and with bullion trading about to commence next week, we are expecting rise in our membership and are also planning to spread our network to cover the rest of the country,' Kailash Gupta added.