The Hindu Business Line : NCDEX trade volume tops Rs 100 crore

TRADED volumes at the National Commodity & Derivatives Exchange Limited (NCDEX) raced past the Rs 100 crore-mark on Friday (June 18) to end at Rs 121 crore (one side).

There were about 9,000 trades put through on this day by 171 traders. The implied turnover of Rs 242 crore is the highest achieved by the exchange, which has witnessed a sharp growth in volumes since the beginning of the week when traded volume was Rs 68 crore (turnover Rs 136 cr).

"The encouraging feature of this achievement is that the spread of trade has been broad-based with both bullion and agricultural commodities accounting for equal share of the total traded volume.

There is a lot of potential in this space, and we see this number as merely the first step in our endeavour.

We are now sanguine of a further acceleration in these numbers as we introduce new products on the Exchange", said Mr P. H. Ravikumar, Managing Director & CEO, NCDEX Ltd.

"Our membership too is expanding and each member brings in a multiple number of clients who have contributed to this effort.

We have been constantly responding to the requirements of our trading community in terms of products, facilities, timings etc. to ensure that they are in a position to take a global view and leverage every available opportunity", added Mr Narendra Gupta, Chief Business Officer, NCDEX Ltd.

The day (June 18), which was also the expiry day for June contracts, saw the members conveying their intention to deliver 21 kg of gold.

"Our delivery processes, especially the demat delivery which we have pioneered for the first time in the country and perhaps the first time in the world, is robust and today's intention to deliver 21 kg of gold by our members proves this", said Ms. Meher Baburaj, Chief Operating Officer, NCDEX Ltd.

NCDEX Ltd started operations on December 15, 2003. It has over 280 members spread across over 130 locations and connected through 1100 trading terminals to the Exchange by over 540 VSAT and leased line links. NCDEX offers futures contracts in 15 commodities in agricultural commodities and bullion with multiple contracts in each of them.