Multi commodities exchange aims high

Multi Commodities Exchange of India Limited is targeting a daily turnover of Rs 1,000 crore by the end of this fiscal.

The exchange, which trades in 32 commodities, at present has a daily turnover oscillating between Rs 160-200 crore. Bullion trading constitutes about 70 per cent of the exchange's total trading turnover.

"We are introducing some more commodities soon. By the end of this fiscal, the number of commodities being traded is slated to go up to 350. We also plan to expand our network by adding new members. Therefore, by the end of this fiscal our daily turnover will cross the Rs 1,000 crore mark," Jignesh Shah, MD of Multi Commodity Exchange of India Limited, told the media today.

Jignesh Shah was speaking at the inauguration of Commodities Online Trading Floor of Steel City Commodities Private Limited in the city.

"Steel City Commodities Private Limited has nine centres in Andhra Pradesh for commodities trading. By the end of this fiscal, we plan to start another 35-40 centres for commodities trading," G Rajagopala Reddy, director of Steel City Commodities, said.

"We introduced steel recently. Daily about 200-300 tonnes of steel is being traded in this exchange. Soon it will touch 1,000 tonnes per day," Shah said, adding that within six months non-ferrous metals would also be introduced.

"The exchange at present has 200 traders. In order to educate the members, investors and traders, the exchange has conducted 150 training classes across the country. In the future also this exchange can conduct similar type of training classes in a big way," he added.