Turnover at commexes up 39% in 2008-09

Written by Commodities Bureau | New Delhi | Updated: Dec 7 2008, 04:29am hrs
The turnover at Indian commodity bourses rose 39% to Rs 31.54 lakh crore from April 1 to November 15 from the year-ago period, data from regulator Forward Markets Commission (FMC) showed. However, turnover fell 8% to Rs 1.67 lakh crore in the fortnight ending November 15, FMC data revealed on Friday. The Total turnover in bullion trading in the period more-than-doubled to Rs 17 lakh crore, while trading in agri commodities fell 31% to Rs 3.85 lakh crore. Active trading was seen in gold, crude oil, silver and copper in the energy and metals segment during the period. Rapeseed, guar seed, soybean, turmeric and pepper saw maximum trading among agri commodities.

This fall in turnover should improve in the weeks to come because of resumption of futures trading in refined soyoil, chana (chickpeas), rubber and potato this week, a Mumbai-based commodity analyst said. India, which allowed futures trading in commodities in 2003, has one of the fastest growing commodity futures markets with a combined trade turnover of Rs 40.66 lakh crore in the financial year 2007-08.

Commodity futures trade is set to grow more than 40% to Rs 57 lakh crore in the year to March 2009, BC Khatua, chairman, FMC, told Reuters in September. The regulator has approved futures trading in soyoil, rubber, potato and chickpeas from Thursday.