Pakistan's NCEL to launch more futures contracts in 2010
Friday, 15 January 2010
ISLAMABAD, Jan 14 (Commodity Online): Pakistan's National Commodity Exchange Limited (NCEL) plans to list a full product pipeline with several exciting new agricultural, metal and financial futures contracts in 2010.
Speaking to reporters, NCEL Managing Director (MD) Sameer Ahmed said with growing market demand NCEL would also extend its current vaults and warehousing facilitations.
"The exchange also plans to bridge international markets and attract participants from within and outside the region," he said.
Terming 2009 'a year of success' he said that the previous year witnessed a remarkable impetus with respect to liquidity growth, trading volumes and listings.
Starting from a single listed company, the exchange now offers five listed commodity futures, and one financial future totalling six listings with 13 various designs, he said and added that NCEL product profile covers a broad band of assets classes including metals (gold and silver), energy (crude oil futures contract), agriculture and soft commodities (IRRI-6 rice futures contract) and financial futures (KIBOR futures contract).
The NCEL MD said that 2009 has witnessed a second consecutive year of positive year-on-year growth. The day trade highest volume recorded in 2009 was worth Rs 1.29 billion (up by 5900 per cent as compared to 2008 and 13000 per cent since 2007).
The daily value of average traded volume stands at 340 million up by more than 2000 per cent in 2009.
However, average last quarter traded value of 2007, 08 and 09 stood at 11.10 million, 79.84 million and 3.84 billion, respectively reflecting 600 per cent growth in 2008 and 4700 per cent growth in 2009. Average last quarter traded value over the three years has seen a 34,500 per cent growth.
Speaking to reporters, NCEL Managing Director (MD) Sameer Ahmed said with growing market demand NCEL would also extend its current vaults and warehousing facilitations.
"The exchange also plans to bridge international markets and attract participants from within and outside the region," he said.
Terming 2009 'a year of success' he said that the previous year witnessed a remarkable impetus with respect to liquidity growth, trading volumes and listings.
Starting from a single listed company, the exchange now offers five listed commodity futures, and one financial future totalling six listings with 13 various designs, he said and added that NCEL product profile covers a broad band of assets classes including metals (gold and silver), energy (crude oil futures contract), agriculture and soft commodities (IRRI-6 rice futures contract) and financial futures (KIBOR futures contract).
The NCEL MD said that 2009 has witnessed a second consecutive year of positive year-on-year growth. The day trade highest volume recorded in 2009 was worth Rs 1.29 billion (up by 5900 per cent as compared to 2008 and 13000 per cent since 2007).
The daily value of average traded volume stands at 340 million up by more than 2000 per cent in 2009.
However, average last quarter traded value of 2007, 08 and 09 stood at 11.10 million, 79.84 million and 3.84 billion, respectively reflecting 600 per cent growth in 2008 and 4700 per cent growth in 2009. Average last quarter traded value over the three years has seen a 34,500 per cent growth.