Ace Commodity Exchange signs MoU with CLFMA of India, an association of Indian Livestock Sector

23 May 2013


 

Mumbai, May 23, 2013: Ace Derivatives and Commodity Exchange Limited (“Ace”), a Kotak Mahindra Group anchored commodity exchange in India signed a Memorandum of Understanding (MoU) with CLFMA of India.
 
By virtue of the MoU, feed manufacturers, who are members of CLFMA of India, will receive price information for Soymeal which is an important input & output component for the association and also accounts for 30-40% of the total cost of its feed. Both Ace & CLFMA will endeavour to work in the interest of members of the association to participate as hedgers in futures contract and thus, protect their business margin.
 
Ace will get the opportunity to interact directly with players who trade in feed, poultry, fish and prawns, as well as other livestock across India, as many of them are members of CLFMA.
 
Speaking on the development Mr. Dilip Bhatia, CEO, Ace Derivatives and Commodity Exchange Limited said “We are confident that this partnership will help the members of CLFMA to protect themselves against price volatility by hedging on Ace, thereby also giving boost to futures trading. Ace, being a leading national exchange has always strived to achieve uniqueness and alignment with the market need in terms of their products, technology and distribution and will continue to do so.”
 
Dr. Dinesh Bhosale, Chairman, CLFMA of India, stated, “We are extremely happy to be associated with Ace Commodity Exchange. This association has given feed members of CLFMA to benefit through price hedging by being better informed on tick to tick price changes in the contracts offered.”
 
Ace currently offers trading in 9 agri commodities viz., Refined Soy Oil, Soybean, Soybean Meal, RBD Palmolein, Cotton, Mustard Seed, Castor, Chana and Sugar.
 
About Ace
Ace Derivatives and Commodity Exchange Limited is a screen based online derivatives exchange for commodities anchored by the Kotak Mahindra Group. Ace Commodity Exchange, earlier known as Ahmedabad Commodity Exchange Limited, has been in existence for more than 5 decades in Commodity Derivatives Business, bringing in the best and transparent Business Practices in the commodity space.
 
For Further Information
 

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