Write an Essay on functions of Commodity Exchange.
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A commodity or produce exchange is an organised market where commodities or produce are purchased and sold on wholesale basis. Like stock exchange, it is a specialised market having established rules and regulations.
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According to Pyle, “Commodity Exchanges are specialised organised markets which provide for future delivery under established rules and regulations.”
According to Phillips and Duncan, “A commodity exchange is an organisation or association of individuals which provides a place for trading in commodity or commodities to be carried on under uniform rules, with facility for adjustment of disputes among members and for the collection and dissemination of market information and which promotes the interests of those dealing in a particular commodity.”
A produce exchange deals only in commodities which are used as raw materials such as agricultural products and forest products. Besides dealing in such products, a commodity exchange deals in manufactured goods also.
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