MMTC turns to National Spot Exchange for sale of imported pulses
27 Sep 2010
State-run trading firm Minerals and Metals Trading Corporation Ltd (MMTC) has contracted to sell imported black mapte (urad) to dal millers at Rs4,660 a quintal using the National Spot Exchange Ltd (NSEL).
The electronic auctioning mechanism on the NSEL, which allows competitive bidding by the buyers, has helped MMTC realise an additional Rs220 per quintal against the Rs4,400 it received for the urad of Myanmar origin sold through tender, MMTC said in release today.
The NSEL contract, launched on 20 September, is available for trade between 10 am and 7 pm from Monday to Friday and between 10 am and 2:00 pm on Saturdays, the release said.
MMTC said trading on the NSEL platform has also allowed it to reach out to dal millers across the country while at the same time reducing cost of intermediation.
Trading on the NSEL is also transparent and effective as it is on real time basis, which is difficult to achieve in the physical tendering system, the release noted.
Leading farmers' cooperative of Haryana, Hafed, had earlier successfully used the NSEL platform to auction coarse grains.
