India: Mumbai-based NCDEX will launch barley futures starting with December 2006

India National Commodity & Derivatives Exchange Limited (NCDEX), a professionally managed online multi commodity exchange, is fully prepared to launch futures contract on barley for the first time in the country, Kerala News reported November 23.

"The barley futures contract is likely to be launched by December," sources at NCDEX told.

The Mumbai-based commodity exchanged has received all the necessary approvals required for launching this contract from commodity market regulator Forward Markets Commission.

The expiry date for the maiden barley futures contract would be March, 2007.

Minimum size of the contract to be traded at the futures platform would be 10 t while the quotation for the contract would be in terms of quintals.

The exchange hopes that it would help the barley growers in finding a better price discovery route via futures trading.

NCDEX is a nation-level, technology driven de-mutualized on-line commodity exchange with an independent Board of Directors and professionals not having any vested interest in commodity markets.