Refco Commodities on Wednesday launched India’s first commodity index comprising eight largest trading commodities in the futures markets, including precious metals and agro produce. Refco Commodity Index (RCI) has assigned highest weightage to gold at 23.37 per cent followed by wheat at 20.11 per cent, silver at 18.63 per cent, guar at 11.40 per cent, soya oil at 10.39 per cent, rape/mustard seed at 7.64 per cent, chana at 7.04 per cent and pepper at 1.42 per cent. The index has been constructed drawing precious metals price movement from the Multi Commodity Exchange (MCX) and all the agro produce price movement from the National Commodity & Derivatives Exchange (NCDEX). Justifying the index construction Vineet Bhatnagar, managing director, Refco sayd, ‘‘These two are the largest exchanges having liquidity in various products’’. In the absence of live market data from both the exchanges, the index will reflect the movement at the end of the day. The index weightage
