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Our Bureau

Mumbai, Aug 26 The steep fall in metal prices seems to have taken the steam of the bull run in commodity futures market.

For the first time in recent past, the turnover of 22 commodity exchanges, including three national exchanges, have fallen 25 per cent to Rs 2.27 lakh crore in the fortnight ended August 14 compared to Rs 3.01 lakh crore logged in the fortnight ended July 30, according to market regulator Forward Markets Commission data.

Turnover on the three national commodity exchanges were down 25 per cent to Rs 2.24 lakh crore, while MCX recorded 24 per cent drop in turnover at Rs 1.93 lakh crore (Rs 2.55 lakh crore).

NCDEX turnover was down 29 per cent at Rs 30,057 crore (Rs 42,296 crore), while NMCE’s fell 21 per cent to Rs 883 crore (Rs 1,115 crore).

Total volume traded on the national exchanges was also down 25 per cent at 2.42 crore tonnes against 3.22 crore tonnes in the fortnight ended July 31. However, the turnover was up 57 per cent in the fortnight under review against Rs 1.45 lakh crore in the same period last year.

Mr Harish Galipalli, head of research, Karvy Commodities, said the sharp fall in prices of metals, crude oil and agriculture commodities have resulted in the drop in turnover. Moreover, the fortnight under review includes a holiday on August 15, he added.

From its recent high, crude oil has corrected 25 per cent, silver was down 28 per cent while gold fell 20 per cent. On MCX, the October gold contract was quoted at a high of Rs 12,691 per 10 gm on August 1 and at its lowest was Rs 11,186 on August 12, FMC said.

The September silver contract was quoted at Rs 24,705 a kg on August 1, while its lowest was Rs 20,242 in the fortnight. Crude oil was at its high of Rs 5,450 a barrel on August 1 and dropped down to a low of Rs 4,745 a barrel.

More Stories on : Commodity Exchanges

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