Date:22/02/2005 URL: http://www.thehindubusinessline.com/2005/02/22/stories/2005022200521000.htm

Back Geojit to launch coffee futures in Bangalore

Our Bureau

Kochi , Feb. 21

GEOJIT Infofin Technologies is all set to launch coffee futures trading on the NMCE platform over a Geojit terminal in Bangalore on Tuesday. Mr L. Mansingh, Secretary, Ministry of Consumer Affairs, will launch the online coffee futures.

Coffee is traded in the form of coffee beans and is the second largest traded commodity in the world after crude oil. The introduction of futures contract will bring in standardisation in the trade as far as quality, delivery and quantity are concerned, Geojit said. The futures trading environment will therefore allow efficient price discovery mechanism.

Mr S. Sundereshan, Chairman of Forward Markets Commission, will deliver the keynote address at the launch. Mr N.K. Choubey, Managing Director of Central Warehousing Corporation, Dr. Subhash Sharma, Director of Indian Institute of Plantation Management, Mr Kailash Gupta, Managing Director of NMCE and Mr C.J. George, Managing Director of Geojit, are expected to be present.

JRG: JRG, one of the leading brokerage houses for shares and commodity trading, is also launching online commodity futures trading in coffee on Tuesday.

Mr Giby Mathew, Managing Director, JRG Wealth Management Ltd, will inaugurate its first trade in coffee through the National Multi-commodity Exchange of India Ltd at its corporate office in Kochi.

The minimum trading and delivery unit for coffee will be 1,500 kg and the minimum period of contract will be two months.

The delivery centres will be at Kozhikode, Kochi and Bangalore through Central Warehousing Corporation.