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The Indian Commodity Exchange (ICEX) has entered into an agreement for strategic alliance with the city-based Shree Choksi Mahajan and GJTCI, seeking their support to attract physical market players towards a futures market platform.The objective is dissemination of real time prices and trade information.Signing the agreement late on Saturday, ICEX chief executive officer Sanjay Chandel, a former SEBI official, expressed thanks to the two parties for lending support in development of commodities market and trade, joint awareness and campaigning programmes as well facilitating research and development.He said Ahmedabad was the second city to come for the tie-up after the Bombay Bullion Association, and that many more cities will follow suit.He said ICEX will provide a wider range of benchmark future products covering all major commodities, including bullion, metals, minerals, energy and agro products.ICEX was jointly promoted by Minerals and Metals Trading Corporation (MMTC), Indiabulls, Indian Potash Ltd and Kribhco, among others.The 200-member Shree Choksi Mahajan and the 500-member GJTCI feel the tie-up will provide members the opportunity to cover their price volatility in procurement of basic inputs, mainly gold and silver bars.Mahajan president Harshvadan Choksi and GJTCI chief Shantilal Patel said the futures prices on the exchange platform could be used as indicative prices for negotiating export prices.
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