Futures tip, NCDEX slashes transaction fee in sugar futures
Aims to attract traders after govt removes stockholding limit
The agri-centric commodity futures trading platform, National Commodity and Derivatives Exchange (NCDEX), has reduced transaction charges sharply to attract volumes in sugar contracts following the removal of stockholding limit on Tuesday.
Effective December 21, NCDEX would be charging Rs 0.10 for every Rs 1,00,000 of sugar turnover. Earlier, it was Rs 4. Apart from that, the exchange has exempted risk management fee of Rs 4 for every Rs 1,00,000 of trade in sugar contracts. So, NCDEX would charge only Rs 0.10 from Rs 8 earlier for every Rs 1,00,000 of trade. The sharp decline in transaction charges is expected to drive traders and stockists towards futures trade, given that around 1.5 million tonnes of fresh purchases are expected. The government removed stockholding limit of 1,000 tonnes on traders in the Northeast and of 500 tonnes on traders across the rest of the country. “Removal of stock limits enables the move to a more market-based price discovery process for sugar.
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