Turnover at commexes rises 47% despite govt ban, equity downturn

Written by Commodities Bureau | New Delhi, Nov 6 | Updated: Nov 7 2008, 06:49am hrs
Notwithstanding the downturn in the equity market and the governments continuing ban on the trade in futures of eight agricultural commodities, the turnover of the countrys three national commodity exchanges and 19 regional bourses increased by close to 47 % in the first seven months of 2008-09.

According to the data released by commodity market regulator Forward Markets Commission (FMC) on Thursday, the turnover of three national and 19 regional commodity exchanges during the April 1- October 15 rose to Rs 27,94,879 crore from Rs 19,02,565 crore recorded in the same period last year. During the first fortnight of October, turnover at exchanges also rose by more than 39% to Rs 2,05,590 crore from Rs 1,47,399 crore reported last year.

Metals such as gold, crude oil, silver and copper saw hectic activity at exchanges, while in the case of agricultural commodities such as rapeseed, guar seed, turmeric and pepper, maximum trading activity was observed.

During the first fortnight of October, the turnover of the Multi-Commodity Exchange (MCX) was Rs 18,50,45 crore, while the National Commodity and Derivatives Exchange (NCDEX) recorded a turnover of Rs 18,134 crore during the same period. The other national-level exchange - the National Multi-Commodity Exchange of India (NMCE)- registered a turnover of Rs 1,019 crore during the same period.

At the MCX, the December 2008 contract in gold quoted at its highest at Rs 14,320 per 10 gm on October 10 and the total value of trade in all gold contracts was Rs 86,778 crore. The turnover of silver stood at Rs 36,068 crore and crude oil recorded Rs 35610 crore during first fortnight of October, FMC data revealed.

At the NCDEX, out 27 commodities traded, R/M seed, soybean and guar seed saw higher volumes of trade. While at the NMCE, Isabgul seeds, coffee rep bulk and Rape/mustard seeds witnessed higher volumes.