The Hindu Business Line : Light sweet crude volume up on NCDEX

MUMBAI: The National Commodity and Derivatives Exchange (NCDEX) has witnessed larger participation with sharp rise in trading volume of light crude oil futures in line with rising crude oil prices.

The commodity exchange has launched light sweet crude oil and brent crude futures trading last year. "Crude oil prices have risen by over 120 per cent in less than a year, the trading volume of light crude oil zoomed to Rs 1,061 crore in May from Rs 201. 57 crore in January," NCDEX's economist, Ms Kavita Chacko, told PTI.

The volume of crude oil traded on the exchange in May shot up by nearly 260 per cent more than that in January 2008. Nearly 19,95,600 barrels of crude oil was traded on the exchange in May as against 5,50,600 barrels traded in January, Ms Chacko said.

NCDEX Light Sweet Crude Oil volumes registered a steady rise in the last five months. The volume moved up from 3,86,100 barrels in February to 4,91,700 barrels in March and 7,01,000 barrels in April, she said.

Crude oil prices have risen by over 120 per cent in less than a year, hitting a record high of over $139 a barrel on June 6, amidst high volatility. - PTI

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