Commexes H1 turnover declines 5%

Written by Press Trust of India | New Delhi | Updated: Oct 20 2012, 07:22am hrs
The turnover of the country's 21commodity bourses has fallen by over 5% to R87.62 lakh crore in first half of the current fiscal due to poor participation in gold and silver futures.

According to the commodity markets regulator FMC, these exchanges had clocked turnover of R92.61 lakh crore in the year-ago period.

Except for bullion, there was substantial increase in the turnover of energy, metals and agricultural commodities during the period under the review, the Forward Markets Commission (FMC) said.

Business from energy items like crude oil rose by 41% to R19.02 lakh crore during the April-September period of the 2012-13 fiscal, as against R13.53 lakh crore in the same period last year.

While the turnover from metals like copper increased by 25% to R16.09 lakh crore from R12.90 lakh crore, business from farm items rose by 27% to R11.88 lakh crore from R9.32 lakh crore in the period under the review, according to the FMC data.

However, the turnover from bullion fell by 29% to R40.61 lakh crore till September of the current fiscal from R56.83 lakh crore in the year-ago.

On falling business volumes, FMC chairman Ramesh Abhishek had recently said that the regulator was "more concerned about quality of turnover not on quantity".

He had also said efforts will be made for making volumes more relevant and ensuring a balance in speculation and hedging activities.

At present, the country has five national and 16 regional level commodity exchanges in the country.