Thursday, June 5, 2008

Comen starts copper, zinc futures

Comen has introduce three new metals - silver, copper and zinc — to be traded that provide investment, hedging and arbitration opportunities for the customers.
Silver, copper and zinc — extensively used for household utensils, wiring and jewellery — will boost the future market demand benefiting the producers, investors and traders, states a press release. "Currently the demand for zinc in Nepal is huge, which is a definite scope that will provide transparency to markets and help manufacturers earn remunerative returns," it adds.
Comen, established in 2006, is the first and only commodities and metal exchange in Nepal. Commodity and metal are considered ideal tools for economic progression. An exchange is an institution that hosts a market where stocks, bonds, options and futures, and commodities are traded.
Comen has also entered into a strategic alliance with Jamb technologies to initiate derivative training to its brokers and investors and enhance their skills. It conducts various training and educational programs related to derivative market to make the market more vibrant. "Comen, with the objective of bringing the act of Public warehouse system, also aims at fostering the flow of international investment, promoting sustainable growth of capital market and generating employment," claims the release.
With the advantages of price discovery of both cash and futures, creating savings and investments in the long run, developing intellectual capital awareness and representing broad based economic indicators like GDP, National income, Comen is eager to develop commodity futures market in the context of globalisation.It has also first started its trading in gold futures with a minimum spread, states a press release. "Comen maintains a maximum volume in a day transaction in Futures gold contract of 1kg, 500gms and 100gms respectively.

Metals Unit Contract Size
Silver 1 kg 30 kg
Copper 1 kg 1000 kg
Zinc 1 kg 5000 kg

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