Myanmar, one of the largest exporters of pulses to India, has opened its first ever online commodity exchange Multi Commodity Exchange, reports the Hindu Business Line on April 1.
The exchange, which will be open 23 hours a day, seven days of the week, has partnered with SLCM Ltd, the wholly-owned subsidiary of Indian company Sohanlal Commodity Management, an accredited preferred warehouse service provider for tur, urad dals and other agro commodities by the exchange.
Promoted by the Pearl Group, the exchange offers trading in various commodity contracts across segments with initial focus on pulses and gold.
The exchange could lead to information clarity and help improve Myanmar’s pulses trade with India.
India imports about 3-4 million tonnes of pulses a year and it is expected to go up this year because of climatic reasons. The country imports tur and urad from Myanmar.
Traders expect the exchange would pave way for clarity on key information such as production and acreage which was missing all these years. India allows futures trading only in chana.
Myanmar Paddy Producer Association will regulate all the day-to-day functioning of the exchange to boost confidence of the participants in Myanmar.