Awareness programme organised on commodity market at Chaibasa
By Abha Manakatala - Wed Jun 10, 2:00 pm
Multi Commodity Exchange of India Ltd (MCX), Forward Markets Commission (FMC) and Chaibasa Chamber of Commerce & Industries today jointly organised an awareness programme on the Benefits of Commodity Futures Market at Chaibasa, Jharkhand.
It aimed at educating the market participants on the concept of commodity futures trading and how SMEs, traders and producers can benefit by trading on a commodity futures platform such as that of MCX.
While the programme was organized to create awareness and enhance knowledge among the commodity stakeholders about the commodity futures market in India, it also served to explain in detail all the technicalities associated with the working of a commodity exchange— with respect to the products, price discovery, transparency and risk management mechanism in trading and settlement of transactions. The experts from MCX through a detailed presentation explained the concept of Hedging and its benefits to the market participants.
The experts further expounded on the topics such as the importance and need for risk management measures, role of commodity futures exchanges, historical perspective and growth of commodity markets in India, and diverse and innovative product basket offered by MCX among others.
Lalit Sharma, President, Chaibasa Chamber of Commerce and Industries said, “Since the volatility in the commodity prices virtually affects every economic entity from individuals, to organisations, to the economy, risk management assumes great significance and importance. Especially in the current scenario when the economic uncertainty is on an upward trend, hedging is one such financial instrument that can immensely help the commodity value chain participants in managing their price risks. “
“The insight and knowledge on the commodity futures market we gained from this programme was extremely helpful”, Mr. Sharma further added.
The participants evinced keen interest in the programme, and they opined that MCX and FMC should organized more such programmes which will greatly benefit the commodity market participants and will also give them an opportunity to interact with experts in the field.