India Commodity Futures Turnover Climbs 50%, FMC Says
Turnover on commodity exchanges in India, the top consumer of gold and sugar, advanced 50 percent in the first nine months of the financial year, driven by a rally in bullion and metals, the industry regulator said.
The value of goods traded on the Multi Commodity Exchange of India Ltd., the biggest such bourse, and its rivals, rose to 82.7 trillion rupees ($1.82 million) in the April 1-to-Dec. 31 period, from 55.3 trillion rupees a year earlier, the Forward Markets Commission said on its website today. Turnover in the fortnight ended Dec. 31 climbed 25 percent to 4.4 trillion rupees, it said.
The turnover of bullion jumped 70 percent to 37.5 trillion rupees in the nine-month period and the value of metals traded added 64 percent. Turnover in farm goods rose 7.5 percent to 9.7 trillion rupees in the April-December period, and advanced 2.2 percent in the fortnight ended Dec. 31, the regulator said.
Gold prices in India rose 25 percent in the April-December period, reaching a record on Dec. 7. Silver surged 69 percent.
The turnover on commodity exchanges may total 110 trillion rupees to 112 trillion rupees in the fiscal year ending March 31, B.C. Khatua, chairman of the commission, said last month.
To contact the reporter on this story: Madelene Pearson in Mumbai on firstname.lastname@example.org
To contact the editor responsible for this story: James Poole at jpoole4@Bloomberg.net;