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`Futures market helped raise coconut price'

By Our Special Correspondent

KOCHI, JULY 1. The futures trading in coconut oil has tremendously helped in boosting the prospects of coconut farming by facilitating a decent price for the produce, claims Tomy Verghese, chairman of the First Commodities Exchange of India.

At a news conference here, he claimed that one major factor for the coconut farmers now getting a reasonably good price was the efforts of the exchange which started functioning in late 2001. He said the coconut oil market now revolved around the exchange. The futures market, which helped in price discovery and risk management for farmers, millers and traders, was being used extensively. He said that in a few days the exchange would go online fully.

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