Turnover at commexes rises after Centre lifts futures suspension

Written by Commodities Bureau | New Delhi | Updated: Dec 30 2008, 06:32am hrs
The governments decision to lift the suspension on futures trading in four agricultural commodities - soya oil, potato, chana and rubber - from December 4 seems to have a positive impact of the turnover at commodity exchanges during the first fortnight of the month.

According to a data from commodities markets regulator Forward Markets Commission (FMC), the total turnover of 23 commodity exchanges from December 1-15 in the country rose by 27.68% to Rs 1,92,562 crore as compared with the year-ago period. During the period, the turnover of countrys biggest exchange, the MCX, stood at Rs 1,73,218 crore, while the major agri-commodity bourse NCDEX recorded a business of Rs 14,779 crore. NMCE reported a turnover of Rs 2,141 crore, the FMC statement said. Among the regional bourses, Indore-based National Board of Trade (NBOT), which mainly deals in soya oil, registered a turnover of Rs 1,603 crore.

During 2008-09, the turnover of commodity exchanges rose by 35.52% to Rs 35,08,769 crore till December 15 even as trading in agricultural commodities slumped by 31.77% in the same period. Futures trading in farm commodities dropped to Rs 4,20,464.85 crore from Rs 6,16,250 crore recorded in the previous year, the FMC statement said.

Meanwhile, the FMC has approved 12 contracts till December 2009 in each of the four previously-banned commodities for trading on the MCX, NCDEX and NMCE counters. While for NBOT, the regulator has permitted only three contracts from January to March 2009. Out of the traded commodities at MCX - gold, crude oil and silver recorded the highest volumes.

The near month contract (February 2009) in gold was quoted at its highest at Rs 13,092 per 10 gm on December 1 and the total value of trade in all gold contracts was Rs 88,294 crore. Crude oil turnover at MCX was Rs 35,970 crore while the turnover for silver recorded Rs 26,547 crore.

At NCDEX, rapeseed-mustardseed trades surpassed guar seed with a turnover of Rs 2,870 crore. Guar seed recorded a business of Rs 2,246 crore, the FMC statement added.