Commodities and Metal Exchange Nepal (Comen) has started the futures trading of wheat as its tenth commodity.
The exchange has brought three types of contracts for the wheat trading – Wheat October, Wheat November and Wheat December. The trading will be undertaken under matching basis. The futures contract for wheat expires in three months. The unit for contract has been determined as 10 tonnes and commission for each unit is Rs 150, according to the Comen — the oldest commodity exchange in Nepal.
Comen has taken the price determined by Morang Trade Association as the basis price. The trade settlement for the day contract will be based on the day's wheat price quoted by Morang Trade Association.
However, the futures contract being based on matching basis, Comen will deliver the wheat only if the buyer and seller both agree on delivery. Apart from wheat, Comen is involved in the Gold, Silver, Zinc, Copper, Crude Oil, Nikkel, Lead, NLS and Aluminium futures contract.
The exchange is all set to start the futures trading of Sugar as the eleventh commodity soon.
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