Commodity futures trade rises 43%

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Mumbai, Nov 17 : Commodity futures trade rose 43.09% to Rs 29.87 lakh crore during the first seven months of financial year 2008-09, aided mainly by a surge in bullion trade, official data showed. Turnover rose 3.88% to Rs 1.92 lakh crore in the fortnight ended October 31, data from the regulator Forward Markets Commission (FMC) showed on Monday. Trade was most active in gold, silver, crude oil, and copper in the energy and the metal pack during the period, the data showed.

Futures trade in bullion more than doubled to Rs 16.12 lakh crore, accounting for more than half of the total trade, in the April-October period. It rose 45.93% to Rs 1.17 lakh crore in the fortnight to October 31. Cumulative trade in agri-commodities declined by a third in the seven months. Rapeseed, guar seed, soybean and pepper were the most traded among this category.

India has banned futures trading in eight agricultural commodities on concerns they may be stoking inflation. Despite the curbs, FMC chairman BC Khatua expects futures trade in the country to grow more than 40%, to Rs 57 lakh crore in the year to March 2009.