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| Comexes' turnover up 38 per cent |
| Bloomberg / Jul 03, 2009, 00:46 IST |
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Turnover on the Multi Commodity Exchange of India and its rivals climbed 38 per cent in 2008 as trading in gold, silver and agricultural produce increased.
Commodities worth Rs 50.33 lakh crore ($1 trillion) were traded last year, compared with Rs 36.54 lakh crore in 2007, the government said in the Economic Survey for the year ended March 31.
MCX, in which Fidelity International has a 9 per cent stake, clocked a turnover of Rs 42.8 lakh crore, accounting for 85 per cent of the total market. The National Commodity & Derivative Exchange, part-owned by Goldman Sachs Group Inc, traded commodities worth Rs 6.3 trillion, the survey said.
The average daily value of trades climbed to Rs 185 billion from Rs 15,000 crore, with farm commodities, bullion and energy products accounting for a large share of the volume, the survey said.
Domestic traders, producers and consuming companies are the main participants in India’s commodity exchanges, compared with the 13 million people in the country who trade stocks. Overseas funds aren’t allowed to trade commodity futures.
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