Commexes' turnover drops by 59% in Apr-Aug

The turnover of the commodity bourses fell by about 59% to 24.46 lakh crore during the April-August period of this fiscal on sharp decline in bullion and energy futures, according to the latest FMC data.

The exchanges had generated a business of Rs 58.98 lakh crore in the same period last year.

There has been decline in the trading volumes in almost all commodities in the bourses. Maximum fall in turnover has been witnessed in bullion, energy, base metals and farm items.

According to latest data released by regulator, Forward Markets Commission (FMC), the turnover from bullion declined by 67.55% to Rs 8.65 lakh crore during April-August of the 2014-15 fiscal from Rs 26.66 lakh crore in the year-ago.

Similarly, the business from energy items like crude oil fell by over 64% to Rs 5.37 lakh crore from Rs 14.97 lakh crore, while the turnover from base metals like copper dropped by 51% to Rs 5.45 lakh crore from Rs 11.10 lakh crore in the review period.

The business from agricultural commodities also declined by over 20% to Rs 4.98 lakh crore during the April-August period of this fiscal, as against Rs 6.23 lakh crore in the corresponding period last year.

Experts said the trading volumes have taken a hit since the imposition of the commodity trading tax and the Rs 5,600 crore scam at the National Spot Exchange Ltd (NSEL).

Currently, MCX, NCDEX, NMCE and ACE are operating at national level, while the rest five at regional level.