NCDEX, MCX trading snipped; volumes hit

Mumbai, August 1 | Updated: Aug 2 2005, 05:30am hrs
Two national commodity exchanges - National Commodity and Derivatives Exchange and Multi Commodity Exchange of India cut short Mondays trading session.

The first session of the two Mumbai-based exchanges ended at 3.30 pm instead of the usual 5 pm. Moreover, even the evening sessions were cancelled, the exchanges said. The volumes dipped on these exchanges.

The decision to curb trading hours was taken after the advise of the regulator (Forward Markets Commission), Narendra Gupta, deputy managing director, NCDEX stated.

While the expectation is that tommorrow trading will be conducted at usual hours, it will depend on the rains. If it continues to rain heavily and if the regulator advises, we will act accordingly, he added. MCX and NCDEX are among the three national level commodity exchanges operating in India.

The timing of the first session of the exchanges is 10 am-5 pm in addition to evening sessions for select commodities like bullion and crude oil.

The meteorological department has forecasted heavy to very heavy rains over the next two days in Mumbai.

Mumbai Police Commissioner AN Roy has advised offices in South Mumbai to close earlier than usual, in a staggered manner from 2 pm Monday.

In the 24 hours ended early Monday, 100 millimetres of rains was received in Colaba in South Mumbai and 151 mm in Santacruz in North Mumbai.

This is far less than the record 994 mm rainfall on Tuesday and Wednesday that paralysed Mumbai.