Pakistan Begin Rice Futures Trade

Pakistan's National Commodity Exchange Limited (NCEL) has formally started rice trading based on three-month futures contracts becoming the country's first electronic commodity trading platform.
 
Trading of IRRI-6 would be started initially, as it would be available in huge quantity as compared to basmati rice and it's trading would also be based on three-month futures trading like gold.

NECL had first started operations on May 11, 2007 with three-month futures trading in gold and the first delivery was successfully executed in mid-August.