Mumbai, Nov 12: Even as the Indian government still toys with the idea of permitting trading in futures of sugar, global players in the sugar trade have already launched an Internet gateway to trade sugar online. Union minister of commerce and industry, Murosoli Maran had indicated earlier this year that the government is considering permitting trading in sugar futures. However, given the continued controlled regime for the commodity, no permission is seen fothcoming.
London-based Commodity Systems Ltd has floated a global sugar portal - sugaronline.com - is said to have been activated from November 1, after initial trial runs, since April this year.
James Proudlock, associated with the sugar trade since 1989-90 and formerly a director of ED&F MAN, one of the leading commodity brokers, is the chief executive officer of sugaronline.com. Proudlock is reported to have said that some 1,000 market players have shown interest and some 700 companies have visited the sugar trading site since trial services were launched. "We hope to get large end users and sellers to come in on day one and give the trading system a critical mass to take off". In order to expand the user base, executives of sugaronline.com are expected to be in India this week.
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