India approves trading of precious and base metals futures

摘要

The Indian government has given the go-ahead to futures trading in gold, silver; copper; zinc, lead and tin, subject to approval by the Forward Markets Commission. Aluminium and nickel futures have already begun trading on the National Multi-Commodity Exchange in Ahmedabad. The move is part of reforms in India where the ban on futures trading in 54 items has been removed. This includes wheat, rice, pulses, barley, rice, cotton, jute, silk and spices. "There is no longer any commodity on the restricted list," said a member of the Forward Markets Commission. "This a major change for the Indian bullion market. Hereafter; all possible 'paper' gold products, like gold accumulation plans, gold mutual funds etc, can be launched and traded on any commodity futures exchange," said a gold analyst.