On August 27th 2018 the NCLT, Ahmedabad approved merger of NMCE with ICEX effective from 7th September, 2018. The merged entity retains the name of ICEX.
ICEX is to strengthen the trade of Rubber and Black Pepper, post amalgamation of NMCE with ICEX. In this direction, ICEX held meeting with Physical Market Participants on rubber and Black Pepper on 5th and 6th December in Pala and Kochi respectively. Physical Market Participants suggested modification in trading lot and delivery unit of black pepper contract from existing 100 kg to 1 Metric Ton (MT) respectively. While the contract and settlement system of Rubber was lauded and appreciated the existing contract parameters and settlement system.
Sanjit Prasad, MD & CEO of ICEX said “ICEX will endeavor hard to make Rubber and Black Pepper prices discovered by hundreds of small Indian traders sitting in the by lanes of Kottayam, Ernakulum and Pala for Rubber and Cochin, Kushalnagar, Hasan to become global price benchmark and establish Indian price internationally.”
Within short period, revised black pepper contract will be re-launched on ICEX platform. He also said; ICEX have commenced drive to educate and create awareness among the farmers and market intermediaries in regards to the advantage of future trading in rubber and black pepper by conducting workshops.”
Post-merger of NMCE with ICEX, ICEX rubber contract got the boost. Consequently, volume and open interest has been increasing consistently.
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