NCDEX gets Sebi's approval to launch 'whole moong' futures on July 8
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India's largest agri centric commodity futures trading platform, the National Commodity & Derivatives Exchange (NCDEX) is planning to launch futures trading in 'whole raw moong' (not for direct consumption) on July 8.
Moong is one of the highest consuming and trading varieties in the Indian pulses basket.
The exchange has already received Sebi's approval for launch.
"Futures trading in moong is absolutely necessary for all stakeholders of pulses trade, which will provide them a very strong, well-regulated marketing channel. The launch of moong futures will not only help in providing advance price signals but will also help improving their price realisations. We are keen to offer robust and transparent price discovery tool to pulses industry value chain through moong futures contract," said Vijay Kumar, managing director and chief executive officer, NCDEX.
The exchange has identified Merta City, a prominent producing hub in Rajasthan, as basis delivery centre for moong futures while Nokha, Jodhpur and Sri Ganganagar will be additional delivery centres.
India being highest producer of Moong worldwide with more than 70 per cent share has a huge value chain of this protein-rich variety of pulses. Moong is also highly consumed pulse in the country parallel to Chana and as an alternative of other pulses. India produces 2– 2.5 million tonnes of moong worth Rs 11,500 crore annually.
A recent survey conducted by NCDEX finds that being a highly volatile pulses variety, trading in moong is exposed to high risk of price movement. Thus, futures contract in moong can serve as the best hedging tool for the entire value chain. Initially, futures contract of moong will be available for trade for delivery between August and December 2019.
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