Commexes H1 turnover declines by 5% to Rs 88 crore

The turnover of the country’s 21 commodity bourses has fallen by over 5 percent to Rs 87.62 lakh crore in first half of the current fiscal due to poor participation in gold and silver futures.

According to the commodity markets regulator FMC, these exchanges had clocked turnover of Rs 92.61 lakh crore in the year-ago period. Except for bullion, there was substantial increase in the turnover of energy, metals and agricultural commodities during the period under the review, the Forward Markets Commission (FMC) said.

Business from energy items like crude oil rose by 41 percent to Rs 19.02 lakh crore during the April-September period of the 2012-13 fiscal, as against Rs 13.53 lakh crore in the same period last year.

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While the turnover from metals like copper increased by 25 percent to Rs 16.09 lakh crore from Rs 12.90 lakh crore, business from farm items rose by 27 percent to Rs 11.88 lakh crore from Rs 9.32 lakh crore in the period under the review, according to the FMC data.

However, the turnover from bullion fell by 29 percent to Rs 40.61 lakh crore till September of the current fiscal from Rs 56.83 lakh crore in the year-ago.

On falling business volumes, FMC Chairman Ramesh Abhishek had recently said that the regulator was “more concerned about quality of turnover not on quantity”.

He had also said efforts will be made for making volumes more relevant and ensuring a balance in speculation and hedging activities. At present, the country has five national and 16 regional level commodity exchanges in the country. Recently, the FMC gave approval to the Universal Commodity Exchange to operate as a national bourse.

PTI