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Dubai Multi Commodities Centre to trade in cotton
18 Sep '08
1 min read
The Dubai Multi Commodities Centre (DMCC) is shifting from its major role of regulating commodities trading to buying and selling of Asian cotton.
Official source from the company informed Fibre2fashion that DMCC has also set up a new trading platform called the Dubai Cotton Centre (DCC) for the purpose, through which it will buy and sell about 200,000 tons of Uzbekistan cotton during its first year of operation.
The DCC being a fully owned subsidiary of DMCC, is anticipated to sign contracts with the export agency of Uzbekistan in October, permitting it to start off with purchasing 100,000 tons of cotton and sell it to a wider Asian market.
Uzbekistan, which is the third largest producer of cotton after US and India, has also accepted the proposal to facilitate the trade of 200,000 tons of Uzbek cotton through Dubai.
Presently, DMCC is examining a range of other agricultural commodities for such commercial trading but would test the market with cotton trading before expanding the list. Besides, the DCC also has plans to target other countries from the Commonwealth of Independent States if deals with Uzbekistan prove fruitful.
Official source from the company informed Fibre2fashion that DMCC has also set up a new trading platform called the Dubai Cotton Centre (DCC) for the purpose, through which it will buy and sell about 200,000 tons of Uzbekistan cotton during its first year of operation.
The DCC being a fully owned subsidiary of DMCC, is anticipated to sign contracts with the export agency of Uzbekistan in October, permitting it to start off with purchasing 100,000 tons of cotton and sell it to a wider Asian market.
Uzbekistan, which is the third largest producer of cotton after US and India, has also accepted the proposal to facilitate the trade of 200,000 tons of Uzbek cotton through Dubai.
Presently, DMCC is examining a range of other agricultural commodities for such commercial trading but would test the market with cotton trading before expanding the list. Besides, the DCC also has plans to target other countries from the Commonwealth of Independent States if deals with Uzbekistan prove fruitful.
Fibre2fashion News Desk - India
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