NCDEX in talks with firms on crude sourcing

Kolkata, March 13: The National Commodity and Derivatives Exchange (NCDEX) is talking to a few oil marketing majors to source some of their crude petroleum requirements from its commodity market, a company official said here Saturday.

"We are talking to participants, large ones, who use Nymex or Singapore OTC market. We are asking these participants like Indian Oil and Bharat Petroleum to source some of their crude domestically from us," Vijay Kumar, chief business officer, NCDEX, told reporters on the sidelines of a seminar on futures trading.

The exchange is planning to integrate spot markets over a period of time.

"We are planning an electronic platform. In some of the states we have got approvals," Kumar said.

"India's largest import is crude palm oil, yet soya oil remains the most liquid trade," he said. "So we need to make crude palm oil contracts more popular."