Commodity bourses turnover rises 47%

Commodity bourses turnover rises 47%

Mumbai: Turnover at commodity bourses rose 46.9% to Rs27.95 trillion during 1 April-15 October from the year-ago period, data from regulator Forward Markets Commission (FMC) shows.

The turnover rose 39.48% to Rs2.06 trillion in the fortnight ended 15 October, FMC data released on Thursday shows.

Active trade was seen in gold, crude oil, silver and copper in the energy and metals segment during the fortnight.

India, which allowed futures trading in commodities in 2003, has one of the fastest growing commodity futures markets with a combined trade turnover of Rs40.66 trillion in the fiscal year 2007-08.

The country’s commodity futures trade is set to grow at least 40% to Rs57 trillion in the year to March 2009, despite trading curbs on eight commodities, B.C. Khatua, chairman of FMC had said in September.