Financial Daily from THE HINDU group of publications
Thursday, Dec 16, 2004
Financial Daily from THE HINDU group of publications Thursday, Dec 16, 2004 |
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Agri-Biz & Commodities
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Commodity Exchanges NCDEX completes one year of operations Our Bureau
Mumbai , Dec. 15 NCDEX (National Commodity & Derivatives Exchange) on Wednesday completed one year of operations. Total volumes have reached an average of Rs 1,500 crore a day from Rs 19 crore when it commenced operations. The peak volume was Rs 2,617 crore on December 8. Around 80-85 per cent of the volumes come from agricultural commodities, according to a release. During the period, total membership increased to about 500 members from an initial 43 last December. The number of clients participating rose from 149 to an average of 4,000. Trading is conducted from over 5,500 terminals across 400 locations of the country. "The focus should continue to be the market participant," said Mr P.H. Ravikumar, Managing Director & CEO of NCDEX. The average number of daily trades rose to 55,000 from 585 in the beginning, while the average number of orders placed increased from 1,506 to 1,00,000. "The markets have been favourable to the exchange and the response from our members and clients has been phenomenal," said Mr Narendra Gupta, Chief Business Officer of NCDEX.
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