Guar contracts attract significant traders' interest
Known for being non-agri, the Multi Commodity Exchange (MCX) has gradually stepped up efforts to attract participation in agri commodities also.
Though contributing insignificantly to the exchange’s overall turnover, agri commodities like mentha oil, sugar, potato and cardamom are preferred by traders on the MCX. With around 90 per cent of the market share in overall commodity futures trade, the MCX continued its leadership in almost all non-agri commodities, including base metals, precious metals and energy.
The re-launch of guar contracts, however, has also gained momentum on the MCX after the exchange intensified its efforts to attract participation in this animal feed, along with its derivative – guar gum.
While the National Commodity & Derivatives Exchange (NCDEX) attracted immense traders’ interest, MCX also gained momentum in guar segment.
“MCX has stepped up efforts on agri commodities, which resulted in participation in guar contracts,” said Naveen Mathur, associated director, Angel Broking.
On the first day of guar relaunch on May 14, MCX clocked Rs 3.58 crore turnover in guargum against Rs 28.60 crore by NCDEX. Similarly, MCX’s guar seed contracts generated a total business of Rs 20.54 crore on May 14 against Rs 53.76 crore by NCDEX.
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