The Hindu Business Line : Mumbai terrorist attack hits commodity trade; players keep off

Mumbai, Nov. 28 Commodity futures market bore the scar of the terriorist attack in the financial captial – Mumbai – with the sharp fall in turnover at the national commodity exchanges on Friday.

Market participants preferred to stay way as they were uncertain whether trading will resume on Friday after it was suspended yesterday following the terriorist attack.

Turnover on MCX and NCDEX was down as many broking firms in Colaba, Nariman Point and Flora Fountain – the financial hub – declared holiday or downed shutters to protect their staff from any untoward incidents, said Mr R. Subash, an investor.

Apart from Mumbai, commodity investors from other States also preferred to wait-and-watch, given the fluid economic outlook and the latest security threat in the country.

TURNOVER SLIPS

MCX recorded 23 per cent drop in turnover at Rs 4,292 crore against Rs 5,590 crore logged on Wednedsay, while on NCDEX it fell 18 per cent to Rs 1,104 crore on Friday against Rs 1,350 crore.

About 412 members on NCDEX participated in the trading on Friday against 441 members on Wednesday. MCX did not provide data on the member participation.

PRICES FLAT

Prices of most agriculture commodities were almost flat, while the yellow metal gained as dollar weakened further. However, a major portion of the trading in the metals happens in the second half of the trading session, which ends at 11.30 pm.

Guarseed turnover on NCDEX fell sharply to Rs 154 crore against Rs 277 crore recorded on Wedneday, as the prices remained almost flat.

Rapeseed Mustardseed futures was up 1.23 per cent at Rs 576/20 kg and soybean gained marginally by 0.87 per cent to Rs 1,690 crore on think volumes. Kapas rose 1.15 per cent to Rs 482/20 kg on firm lint prices, which gained by Rs 300-400 a candy due to low arrivals. Pepper futures rose marginally on short covering.

Maize prices ended the session in negative territory on increased arrival pressure in the spot market amid fall in demand. Castor seed prices fell on profit taking after the recent rally supported by increasing arrivals.

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