Commexes turnover to cross Rs 112 lakh cr in FY11

The trading turnover of all commodity exchanges in India is expected to grow by 44.24% in the current fiscal to reach Rs 112 lakh crore, according to the market regulator Forward Market Commission (FMC).

"The overall trading turnover of commodity exchanges in the country will be more than 112 lakh crore in the current fiscal," FMC Chairman B C Khatua told reporters here today on the sidelines of an event organised by industry body Assocham.

He said during the last fiscal, the commexes in the country have clocked a turnover of Rs 77.64 lakh crore.

The trading turnover in commodity exchanges in the country have already crossed Rs 88 lakh crore in the current fiscal in the first fortnight of January.

"We still have five fortnight period left in the current fiscal and I am sure that it would easily cross Rs 112 lakh crore," Khatua said.

He, however, expressed concern over the slow growth in the trading turnover of agri-commodities in exchanges.

"We are yet to touch the trading level of 2006-07 fiscal in agri-commodities...This year also, trading in agri commodities are expected to grow by 7% only," Khatua said.

According to information available on FMC's website,the turnover of commodity exchanges in the country during the first nine months of the current fiscal rose by nearly 50% to 82.7 lakh crore.

The surge in commex turnover during the current fiscal is mainly driven by surge in bullion prices, which pushed the turnover of precious metals on exchanges by nearly 70% to 37.5 lakh crore as compared to Rs 22.1 lakh crore in the corresponding period last fiscal, FMC said.

Besides, the total trade of metals other than bullions on the exchanges during April-December period also rose by 64.4% to Rs 19.37 lakh crores.