By NNN-PTI
New Delhi : The turnover in commodity exchanges fell 6.4 per cent in the first four months of this fiscal after the government banned futures trading in wheat and rice and changed contracts in some other items.
According to data released by commodity market regulator Forward Markets Commission, the turnover declined to Rs 11.79 trillion during April-July this fiscal as against Rs 12.60 trillion in the same period of the last financial year.
Trading in futures market during the second fortnight of July dipped by two per cent to Rs 1,64,920 crore compared to Rs 1,68,139 crore in the year-ago period.
However, turnover at the three national and 20 regional exchanges during July 16-31 period this year improved over the previous fortnight’s business of Rs 1,17,029 crore.
The UPA government had banned futures trading in wheat and rice on February 28 and changed provisions related to certain other goods following pressure from its allies Left parties, among others, that forward trading in these bourses was resulting in rising prices of these essential items.
According to FMC, gold, copper and crude oil recorded the highest trading volume at Multi Commodity Exchange of India. MCX’s turnover rose to Rs 1,24,174 crore in the second half of July from Rs 1,03,712 crore in the year-ago period.
During the last fortnight, total value of trade in all gold contracts was Rs 28,338 crore. The net open position for August delivery was at its highest at 11,254 kg on July 16.
The total value of trade in copper was Rs 22,303.5 crore during the fortnight while the commodity’s net open position in the near month contract was at its highest at 16,278 tons on July 19. Crude oil turnover at MCX too witnessed the highest ever turnover of Rs 21,617 crore.