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Virtual trade in tea futures on the cards
P Vinod Kumar
The stage is all set for the launch of virtual trade in tea futures with teauction.com, the one and only tea auction centre in the cyber world, pitching for getting necessary clearances from the Forward Markets Commission (FMC). If teauction.com gets the FMC green signal, it will go down in the history of commodity trade as the first ever virtual exchange offering forward contracts in agricultural commodities.The commodity markets' regulator has already decided to kick off forward contracts in tea along with a slew of other commodities including oil and oil cake and natural rubber. The Tea Board has taken the first step in setting up the forward contracts by roping in the Bangalore-based Indian Institute of Plantation Management to lay out the roadmap for tea futures. Copyright © 2000 Indian Express Newspapers (Bombay) Ltd.
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