The National Commodities and Derivatives Exchange (NCDEX) recorded a whopping turnover of Rs 7,197.70 crore on Monday compared with its earlier high of Rs 4,721 crore on March, 30, this year. |
Of the total turnover on NCDEX, guarseed contracts alone recorded a high of Rs 4,069.14 crore and if guargum contracts' turnover (Rs 612.64 crore) is added, the total is Rs 4,681.78 crore, almost the earlier high of total turnover on the exchange. |
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The exchange's daily turnover averages around Rs 3,500-4,000 crore, said Narendra Gupta, chief business officer. |
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The top traded commodities on NCDEX were guarseed, guargum, chana, tur, soyoil, gold and silver. |
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With agri contracts doing well on the exchange, NCDEX bears the tag of 'agri exchange' and was earlier even called the 'guar exchange' following the good volumes the complex was giving to the exchange. |
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MCX, on the other hand, has precious metals as its leading revenue earners. Both the exchanges, however, are also trying their hand in other commodities. |
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Guar complex is considered to be very speculative contracts. Grown in a small region around Jodhpur in Rajasthan, the normal crop is around 80 lakh tonne, according to industry estimates. |
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Last year's crop output was, however, 50 per cent down at 40 lakh tonne.Speculation is rife now that the crop this year also may be badly affected if the next 10 days do not see rains in the Jodhpur region, said Rajini Panicker, head-research, Refco Commodities. |
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"Weather forecasters also have said rains seem unlikely in the next 10 days in the guar seed crop area and following this, prices are shooting up. Some private traders are saying that if there are no rains, guar gum prices may even spiral to a high of Rs 7,000 per 100 kilogram. Exporters also were reportedly buying on fears of crop damage and this was pulling up prices. |
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On Monday, NCDEX guarseed October contract rose to Rs 1,913 per 100 kilogram from its previous Rs 1,758 and volumes traded were 14.46 lakh tonne. On Tuesday, the contract ended at Rs 1,969 after touching an intra-day high of Rs 2,048. Together, the three contracts of guarseed clocked volumes of 21.72 lakh tonne. |
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NCDEX guargum october futures rose to Rs 5,179 per 100 kilograms from earlier Rs 4,649 and traded volumes were at 62,225 tonnes. |
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Tuesday, the contract ended at Rs 5,305 after an intra-day high of Rs 5,595. Together, the the three contracts of guargum traded a volume of 1.21 lakh tonnes. |
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