MMTC to spot trade on NCDEX

Minerals and Metals Trading Corp. (MMTC), has proposed to venture into spot trading of gold coins on the National Commodity and Derivative Exchange (NCDEX). The company is believed to target July as the month to start trading coins of 8 grams, reports add. MMTC is India’s leading bullion importer.

During the period May 2 to 11 which includes the period of India’s gold buying festival of Akshaya Tritiya, MMTC is anticipating a sale of gold over Rs.12 crore ($2.95 million), provided prices are stable. In 2007, MMTC witnessed its gold sales increase by 30 percent Y-o-Y on account of Akshaya Tritiya, amounting to 50-60 tonnes