Monday, 19 September 2016

Indian Commodity Market to Get Options Only in Two Products Initially

Indian Commodity market participants expecting big bang reforms from market regulator Sebi might be in for some disappointment. The commodity derivatives advisory committee (CDAC), at its July 22 meeting with Sebi officials, has proposed introduction of just two options in commodities --one agri and one non-farm.

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Participants and brokers were expecting the launch of four -- gold, silver, guar and soyabean oil. Currently, only futures trading is allowed on commodity exchanges like MCX, NCDEX and NMCE. Crude has been dogged by a stubborn supply glut since late 2014, with prices hitting near 13-year lows at the start of this year. A previous attempt at a deal in April fell apart when Iran, which had just emerged from years of Western nuclear-linked sanctions, refused to take part.

Oil prices up on Libya unrest, hopes for output deal :- Key crude states are due to meet in Algeria next week to discuss the global supply crisis and overproduction that has hammered prices for two years. Oil prices edged up in Asia today as OPEC member Venezuela indicated a deal to limit output is close while fighting in Libya stopped it kick starting exports, but gains were limited by ongoing worries about a supply glut.

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