The source of pepper traded on the floor will be taken from a bonded warehouse in Vietnam.
Today, a representative of the Singapore Exchange (SMX – Singapore Mercantile Exchange) said that it will put the world’s first international black pepper futures contract into trading from February 10.
Black pepper is the first agricultural product to be traded on this exchange. Leaders of SMX exchange said that the source of goods will be from a bonded warehouse in Vietnam – the world’s largest pepper producer.
Industry officials in India, which allows pepper futures trading on commodity exchanges but bans foreign traders, said pepper contracts on the SMX exchange could provide a benchmark price for the commodity. this if liquidity is good.
In December 2011, SMX also announced plans to put industrial metals such as aluminum, zinc, lead and nickel into trading this year. Currently traded products on SMX include copper, US light sweet crude (WTI), Brent oil, gold, silver, iron ore and currencies. The exchange has been operating since August 2010.
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