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Revised pepper contracts with all statutory quality parameters soon

Pepper contributes between 1 – 2% of NCDEX’s turnover and five per cent of the total worth of business at the Ahmedabad-based National Multi Commodity Exchange

The new pepper contract conforming to fulfill specifications of all statutory bodies is set to be introduced for trading on the futures platform soon.

The launch of the last pepper contract for delivery in June 2013 was earlier postponed indefinitely by the National Commodity & Derivatives Exchange (NCDEX), India’s largest agri-centric commodity exchange, due to quality related issues.

Early last month the exchange had postponed the scheduled launch of pepper contract for delivery in June 2013 till further notice. The revised launch date is expected to be announced in due course. Pepper contract for delivery in March 2013, however, is available for trading.

“We are in the process of applying afresh the specimen of new pepper contract to the Forward Markets Commission (FMC) which would be completed soon. On approval from the commodity markets regulator we would commence futures trading in pepper again,” said Ananda Kumar, Chief (Corporate Services) of the NCDEX.

Finding traces of mineral oil, the Food Safety and Standard Authority (FSSAI) officials sealed around 8000 tonnes of pepper demated in six NCDEX-accredited warehouses in Kochi on December 18, 2012. This raised serious quality issues with the pepper stored in these godowns.

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