Copper has challenged the dominance of gold on the futures trading platform at MCX during the second quarter (Q2) of 2007 and replaced gold to top the turnover during the second quarter of 2007. Copper has emerged as Numero Uno with the market share of 25%, gold followed by a 23% share.
Copper has registered highest turnover of Rs 1.53 lakh crores in Q2 of 2007 compared to 1.45 lakh crores recorded in gold, according to data published by Commodity Market Report, a MCX monthly magazine. Copper turnover during the review period was increased by 54% at Rs 1.54 lakh crores from Rs 99,372 crores in the Q1 of 2007 while gold turnover was down by 23% at Rs 1.45 lakh crores from 1.89 lakh crores in the Q1 of 2007.
?A sharp fall in gold turnover on the exchange platform was mainly because global prices remained bearish for the most of the quarter due to sluggish physical demand and heavy sales by ECBs,? an analyst said. NYMEX gold August rose sharply to $704.1 an ounce at the early part of Q2 period but then slipped back to $641.1 towards June end. MCX gold August fell from highs of Rs 9,746 per 10 gram to Rs 8595 towards the end of the Q2.
Total turnover of the exchange was lower by 6% at 6.29 lakh crores compared to 6.71 lakh crores in the first quarter of 2007. However, it was around 17% higher than the same quarter of previous year.