NCDEX: derivatives exchange in Mumbai
The National Commodity and Derivatives Exchange in Mumbai specialises in Indian commodities, including spices, the guar complex and selected oilseeds.
AGR-008 · Derivatives exchange · Mumbai, India · INR
Indian derivatives on spices, guar and selected crops
The National Commodity and Derivatives Exchange in Mumbai specialises in Indian commodities, including spices, the guar complex and selected oilseeds. A spice importer can use it to understand price expectations in an important producing country. Producers and processors may use suitable contracts for price management when those contracts are actually available. Financial statistics expressed in crore need careful interpretation: one crore means ten million, and FY 2024/25 is not the same reporting period as calendar year 2025.
Trading suspensions are a central practical issue. A SEBI release dated 27 March 2026 extended the suspension of derivatives in seven commodity groups until 31 March 2027: non-basmati paddy, wheat, chana chickpeas, the mustard complex, the soybean complex, crude palm oil and mung beans. The spreadsheet marks these separately. An older product page remaining online does not establish an active quotation or an ability to place an order. Check current exchange notices and the listed expiries before attempting a transaction.
A physical buyer of turmeric, coriander or cumin should compare the intended shipment with the contract specification. Domestic deliverable quality may differ from the export specification, and a quotation does not automatically include cleaning, packing, testing or freight. Sellers should establish the delivery point, quality tolerances, moisture requirements and documents. Preparing one clear lot specification for the broker or physical counterparty is more useful than making a decision solely from the commodity name. A processor should also distinguish an ingredient’s commercial grade from a broader exchange product family.
Market Watch provides information on available expiries, while exchange publications can be used for end-of-session records. Preserve the symbol, observation date, quotation unit and expiry. Liquidity must be assessed product by product: substantial activity in guar does not imply equally easy execution in every spice contract. Participation costs can include brokerage, collateral funding and any warehouse or delivery charges. Overseas firms should establish eligibility with a licensed intermediary instead of assuming that all domestic products are directly accessible. Commercial import arrangements must be negotiated separately, since an exchange instrument does not arrange customs clearance or collection. For a price comparison, align the same quality, shipment period and currency, and keep suspended products clearly separated from those with a current trading series.
What is priced: Grains, oilseeds and pulses, Vegetables and potatoes, Fertiliser, feed and crop protection, Coffee, cocoa, tea, sugar, cotton, rubber and spices, Vegetable oils and olive oil
Where to find the prices
Products and quotations
Guar seed; Guar gum; Castor seed; Cottonseed oilcake; Coriander; Cumin jeera; Turmeric; Barley; Pearl millet bajra; Maize; Unginned cotton kapas; Psyllium seed isabgol; Sesame seed; Groundnut; Sunflower oil; Wheat — suspended; Non-basmati paddy — suspended; Chana chickpeas — suspended; Mustard complex — suspended; Soybean complex — suspended; Crude palm oil — suspended; Mung beans — suspended
Key figures
- Average daily turnover: 599 crore INR (FY 2024/25). Approximate; 1 crore = INR 10 million.
- Guar complex share of turnover: 49 % (FY 2024/25). Exchange turnover composition.
Sources
- NCDEX — annual report
- NCDEX — catalogue and market
- NCDEX — Market Watch
- SEBI PR 21/2026 — release copy
- NCDEX — isabgol seed, digest 08.2025
All agricultural exchanges, markets and price sources
