Commodity futures trade drops 7%

The turnover of commodity exchanges in the country dropped by seven per cent to Rs 10,14,845.30 crore (Rs 10,148.45 billion) till July 14 in the current financial year against Rs 10,92,426.40 crore (Rs 10,924.26 billion) in the year-ago period.

According to the data released by the commodity market regulator Forward Markets Commission, the futures trading in three national level commodity exchanges and 20 regional bourses stood at Rs 1,17,028.78 crore (Rs 1170.28 billion), down by 11 per cent, during the first fortnight of this month.

The business in these exchanges was to the tune of Rs 1, 31,754.09 crore (Rs 1317.54 billion) during June 16-30 this year. During July 2-14 period, the turnover of the leading exchange, MCX, stood at Rs 81,936.66 crore (Rs 819.36 billion), while other leading agri-commodity bourses recorded a business of Rs 29,709.52 crore (Rs 297.09 billion).

The other national level exchange, the Ahmedabad-based NMCE, registered a turnover of Rs 598 crore (Rs 5.98 billion). Among the regional bourses, the Indore-based National Board of Trade showed an impressive turnover of Rs 3,240.87 crore (Rs 32.40 billion) in the first fortnight of July.

Of the traded commodities at MCX, gold, copper and silver recorded the highest volume, according to FMC, which releases the trade data every fortnight. The near month contract (August 2007) in gold quoted at its highest at Rs 8,789.00 per 10 gm on July 12 and the total value of trade in all gold contracts was Rs 19,952.86 crore (Rs 199.52 billion).

Copper turnover at MCX was Rs 16,765.18 crore, while silver trading was Rs 14,892.57 crore. At NCDEX, guar seed trading surpassed gold trading with a turnover of Rs 5,169.23 crore (Rs 516.92 billion).

Gold recorded a business of Rs 3,839.26 crore (Rs 38.39 billion).