Pakistan's National Commodities Exchange Limited (NCEL) is expected to start rice future trading within the next couple of weeks as all the required preparations are being completed.
NCEL is all set to start rice trading of IRRI-6, as it would be available in huge quantity compared to basmati rice. While the future trading of Basmati rice is not under consideration because of quantity constraints.
According to NCEL, the primary purpose of a futures market in IRRI-6 is to provide exporters and growers with a means to hedge risks and plan their activity. Without a futures market, all stakeholders will continue to live in the present with no inclination or ability to plan for the future.
Chairman of Pakistan's Rice Exporters Association of Pakistan (REAP) has however opposed the government's move to begin futures trading saying it was not in the interest of Pakistan’s rice industry.
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