The National Spot Exchange (NSEL) will start electronic spot trade in red arecanut in two weeks, Raginald B Chand, vice-president - business development, said on the sidelines of Pulses Meet-2008 held here today.

“The contract will be in line with the existing futures contract on the Multi Commodity Exchange (MCX) and Shimoga will be the delivery centre,” Chand said.

Today, NSEL officially launched electronic spot trade in urad and tur. The trading unit for both the pulses has been set at 10 tonnes and quotation value is 100 kg. Mumbai will be the delivery centre for both.

“The launch of electronic spot trade will lead to more transparent trade practice,” said Managing Director and Chief Executive Officer Anjani Sinha.

The spot exchange will have daily pulses contracts that will permit buying and selling on intraday basis with all open positions at the end of the day resulting in compulsory delivery.

“We are going to launch several other contracts with Kanpur, Kolkata, and Chennai as delivery centres,” Sinha said.