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| Comexes' turnover rises 32% in 2008-09 |
| Dilip Kumar Jha / Mumbai Apr 04, 2009, 00:17 IST |
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 The country’s three national commodity exchanges — the Multi-Commodity Exchange (MCX), the National Commodity & Derivatives Exchange (NCDEX) and the National Multi-Commodity Exchange (NMCE) — have recorded an impressive 32 per cent rise in turnover during the last financial year on the back of traders’ migration from the worsening equity market.
The three commodity exchanges, representing over 95 per cent of derivatives business, recorded a business of Rs 51,58,671.81 crore in 2008-09 as compared to Rs 39,11,873.72 crore in the previous year.
Notably, commodity futures market regulator Forward Markets Commission (FMC) Chairman B C Khatua had recently estimated the turnover to rise to Rs 60 lakh crore by the end of the financial year 2009-10.
However, the overall business in agriculture commodities across the three comexes nosedived 29 per cent to Rs 5,88,382.61 crore from Rs 8,07,057.61 crore, while the turnover in non-agricultural commodities, including oil and gas, base metals and precious metals, jumped sharply by 47.20 per cent to Rs 45,70,289.20 crore from Rs 31,04,816.11 crore.
The largest commodity trading bourse, MCX, witnessed 45.89 per cent rise in turnover to Rs 45,03,920.98 crore as compared to Rs 30,87,269.34 crore in the previous year.
"The surge in comexes' turnover can largely be attributed to huge trading in bullion and crude that contributes about 70 per cent of the MCX’s turnover," said Naveen Mathur, head (commodities) at Angel Broking.
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