MCX records biggest 1-day biz at Rs 32k cr

The growing participation of jobbers (intraday traders) has led the Multi-Commodity Exchange (MCX) to record its biggest ever single-day turnover at Rs 32,016.31 crore on Thursday.

MCX and the other two comexes — the National Commodity & Derivatives Exchange (NCDEX) and the National Multi-Commodity Exchange (NMCE) — witnessed a combined turnover growth of nearly 16 per cent the same day.

The total turnover of the three national commodity exchanges was Rs 36,584.97crore, 15.84 per cent more than the previous day’s figure of Rs 31,583.11 crore. The three exchanges represent over 95 per cent of the trade in the commodity futures markets.

MCX led the pack with a highest-ever daily turnover of Rs 32,016.31 crore, a rise of 14.74 per cent from the previous day’s turnover of Rs 27,903.61 crore. Bullion contributed Rs 22,640.84 crore to the turnover, in which gold clocked a record Rs 17,347.66 crore (gold: Rs 15,180.72 crore, Gold Mini: Rs 2,127.84 crore and Gold Guinea: Rs 39.10 crore).

Silver posted Rs 5,293.18 crore to the turnover (silver: Rs 4,204.09 crore and Silver Mini: Rs 1,089.09 crore). The exchange saw 8,27,408 (single-sided) contracts and 5,70,364 trades getting executed. More than 35,000 clients, represented by around 1,000 members, participated in the day’s trade.

“The exchange has witnessed a steady rise in the turnover since last year. Consistent growth in volumes, coupled with broad-based participation from our pan-India network, is a result of our consistent approach of using education as a tool for reaching out to all neutral users across the country,” Joseph Massey, MD & CEO of MCX, said.

“Also, various large corporate houses and SMEs from various industries such as agro, gems and jewellery, oil & petroleum, metals, aviation sector and international trading houses are already hedging their price risks on the exchange’s platform,” Massey added.

Led largely by soy complex and mustard oil, the turnover shot up sharply by 49.56 per cent on NCDEX to Rs 2,705.75 crore on Thursday from Rs 1,809.10 crore in the previous session.

According to Navin Mathur of Angel Broking, the exchange recorded Rs 1,100-crore business in the soya complex, including soyoil and soybean, while the mustard complex added Rs 420 crore.

In agri commodities, refined soyoil and mustard seed are the highly-traded commodities, which surged on the back of an earlier announcement by Commerce Secretary G K Pillai about waiver in import duty, Mathur added.

“It’s a coincidence that both the leading national exchanges have seen a rise in their turnover during one particular day, which should be attributed to the sudden spurt in gold prices and investors’ huge interest towards agri commodities,” said Harish Galipelli, head (research), Karvy Commodities Broking.

Meanwhile, NMCE’s business remained marginally lower at Rs 1,862.91 crore on Thursday, a fall of 0.45 per cent, from the previous day’s level at Rs 1,871.40 crore, which experts believe, is the consequence of the exchange’s focused on plantation.