Gold, Crude Oil glitter in MCX record turnover

March 20, 2009

Commodity Online
MUMBAI: Aided by a record turnover in gold and crude oil, India largest commodity bourse, the Multi Commodity Exchange (MCX) recorded a historic turnover of Rs 32016.31 crore (single sided) at the close of trading hours on Thursday.

Bullion contributed turnover of Rs. 22640.84 in which Gold clocked a record turnover of Rs. 17347.66 crores (Gold: Rs. 15180.72 crores, Gold Mini: Rs. 2127.84 crores and Gold Guinea: Rs. 39.10 crores) and Silver contributed Rs. 5293.18 crores (Silver: Rs. 4204.09 crores and Silver Mini: Rs. 1089.09 crores).

The total no. of contracts traded were 8,27,408 (single sided) with total number of trades as 5,70,364. More than 35,000 clients represented by around 1000 members participated. The previous highest turnover was recorded at Rs. 29,887.23 crores on 18th September, 08.

Joseph Massey, MD & CEO, MCX said, "The exchange has witnessed steady rise in the turnover since the last year. Consistent growth in volumes coupled with broad based participation from our pan India network is a result of our consistent approach of using education as a tool for reaching out to all neutral users across the country. I am glad that our initiatives in the area of spreading awareness via launching regional websites, partnership with regional trade associations for educational and training of their members and roadshows to involve the SMEs are showing results.”

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“Also, various large corporate houses and SMEs from various industries like Agro industry, international trading houses, the Gems and Jewellery industry, Aviation sector, Power, Oil & Petroleum industry and metal industry are already hedging their price risks on the exchange platform”, added Mr. Massey.

The current volatility in global commodity markets and financial markets have lead to renewed interest on the direction of Gold and Crude prices. Such developments have also contributed to the growth in volumes. Participants are taking renewed interest in certain commodities on the exchange.

MCX is India's No. 1 commodity exchange for the trading of precious metals, ferrous and non-ferrous metals, energy, agriculture and industrial commodities and has more than 80% market share. Founded in 2003, MCX has exhibited strong leadership in product innovation, trading and clearing functionality, self-regulation and customer focus, positioning MCX to compete on a global scale.

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