The turnover of commodity exchanges in 2006-07 financial year is likely to touch a whopping Rs 37 lakh crore (Rs 37 trillion), according to the data from Forward Markets Commission.

The data from the apex commodity regular in India showed that the total turnover of all the 23 national and regional bourses stood at Rs 35,08,856 crore (Rs 35,088.56 billion) till March 15 of 2006-07 fiscal.

Last year, the cumulative turnover in commodity exchanges was just Rs 570,000 crore (Rs 5,700 billion) in 2004-05.

The combined turnover of commodity exchanges during the first fortnight of March this year was Rs 182,114 crore (Rs 1,821.14 billion).

India's three leading national bourses -- Multi Commodity Exchange, National Commodity and Derivatives Exchange and National Multi Commodity Exchange of India - powered the book in the commodities futures in the last year.

The national exchanges together account for nearly 94 per cent of the total business.

The turnover of leading agri-commodity exchange NCDEX jumped by nearly 24 per cent to Rs 41,665 crore (Rs 416.65 billion) during Mar 1-15 compared to Rs 33,632 crore (Rs 336.32 billion) in its previous fortnight.

MCX emerged as the top commodity exchange in terms of value as its average fortnightly turnover has crossed Rs 132,000 crore (Rs 1,320 billion) having a share of more than 72 per cent in the fortnightly turnover of all commodity bourses.

Futures trading in bullion, crude and metals will also be allowed on the exchange platforms as these commodities are linked to international trade.

The average daily trade volume exceeded Rs 12,000 crore (Rs 120 billion) this year.