Commexes turnover in first fortnight of Nov dip by 65%

New Delhi: Turnover of the commodity exchanges fell by 65 percent to Rs 2.56 lakh crore in the first fortnight of November due to sharp fall in trading volumes in most commodities.

The business at these bourses stood at Rs 7.24 lakh crore in the same period last year, the commodity markets regulator Forward Markets Commission (FMC) said in its latest report.

Analysts pointed that investors are reluctant to invest in commodity futures trading platform mainly due to payment crisis at National Spot Exchange Ltd (NSEL), promoted by Financial Technologies India Ltd (FTIL).

According to FMC data, trading in bullion (Gold, Silver) witness maximum fall of 72 percent in the first fortnight of November to Rs 98,039 crore from Rs 3.55 lakh crore in the same period last year.

Similarly, the turnover from other metals trading declined by 71 percent to Rs 39,923 crore from Rs 1.37 lakh crore, while the business from energy items like crude oil dropped by 63 per cent to Rs 56,777 crore from Rs 1.55 lakh crore in the review period.

Also, the turnover from agri commodities fell by over 19 percent to Rs 61,790 crore in the first fortnight of this month from Rs 76,805 crore in the year-ago period.

MCX, NCDEX, NMCE, ACE, ICEX and UCX are the six national commodity bourses operating in the country. There are 11 exchanges that offer futures trading in commodities at regional level.