Commodity exchanges set to mark trillion-rupee turnover
22 Dec 2010
Commodity exchanges in the country are set cross a cumulative turnover of Rs100-trillion (Rs100,000 billion /$2,200 billion)mark in 2010. at the same time the government is also introducing a bill in Parliament that aims to expand the futures market.
The cumulative turnover of commodity market, trading on which was re-introduced in April 2003 by the government, is expected to register a 50 per cent jump to a record Rs105,00,000 crore by the end of this year from Rs70,00,000 crore last year.
"I expect the overall turnover of commodity futures market would be Rs105,00,000 crore by 2010-end," market regulator Forward Markets Commission chairman B C Khatua said.
He attributed the rise in turnover of the 23 commodity exchanges in the country, including five national bourses, to growing demand after the recovery of the global economy from a low in 2008 and 2009, besides high volatility in the bullion and metals trade.
Khatua said the entry of two new national commodity bourses - ICEX and ACE Commodity and Derivatives – also helped the futures market achieve robust growth.
Regional bourse ACE upgraded itself to a national exchange in October this year, while the Indian Commodity Exchange (ICEX) became operational toward the end of 2009.
