Commodity futures mkt grows by 53% till Nov this fiscal

The commodity futures market grew by over 53 per cent to Rs 72.56 lakh crore till November this fiscal, as compared to Rs 47.29 lakh crore in the year-ago, driven by rising participation in highly volatile commodities like gold, the Forward Markets Commission said.
    
"Total value of trading at 23 commodity exchanges from April to November of the 2010-11 financial year was Rs 72,56,266.41 crore," according to the data released by FMC.
    
The growth was fuelled by increased trade in bullion and metals, and a marginal rise in the performance of agricultural and other commodities, it said.
    
According to the FMC, the turnover from bullion futures trade rose by almost 80 per cent to Rs 32.81 lakh crore during April-November period of the current fiscal, against Rs 18.25 lakh crore in the same period last year.
    
Similarly, the business from metals increased by 67 per cent to Rs 17.26 lakh crore from Rs 10.36 lakh crore, while the turnover from agri items rose slightly by nine per cent to Rs 8.36 lakh crore from Rs 7.6 lakh crore in the review period.
     
"Participation in gold and silver rose sharply as many of them invested in the commodities as hedge against inflation," an FMC official said.
     
At MCX, the country's top commodity bourse, the December contract of gold and silver was quoting highest at Rs 20,624 per ten gram and Rs 43,231 per kg, respectively on November 30.
     
The turnover of the commodity market in November grew by 51 per cent to Rs 10.94 lakh crore from year-ago, FMC said.
     
National level bourse MCX clocked a maximum business of Rs 9,05,899 crore last month followed by NCDEX at Rs 1,33,718 crore, ICEX at Rs 34,830 crore, NMCE at Rs 9,557 crore and ACE at Rs 4,058 crore, it added.