Business Daily from THE HINDU group of publications
Monday, Apr 07, 2008
ePaper | Mobile/PDA Version
Business Daily from THE HINDU group of publications Monday, Apr 07, 2008 ePaper | Mobile/PDA Version |
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Industry & Economy
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Economy Agri-Biz & Commodities - Commodity Exchanges Commodity trading turnover drops Our Bureau Mumbai, April 6 Participants in futures trade on the commodity exchanges appear to be treading cautiously with inflation touching seven per cent as the Government had delisted wheat, urad, tur and rice when the rate was hovering around 6.5 per cent earlier. The delay in submission of report by the Abhijit Sen Committee, which was formed to study the impact of commodity futures trading on spot prices, has added to investors’ discomfiture. However, the commodity exchanges appear to be very confident. Mr P.H. Ravikumar, Managing Director, NCDEX, said: “We have presented our case to the Government. A recent study by the exchange shows that the commodities listed for futures trading have not contributed much to inflation rise.” However, the investors seem to think differently. . The turnover on both NCDEX and MCX fell substantially last week. Between Monday and Thursday, MCX turnover dropped 19 per cent to Rs 18,710 crore, while that of NCDEX slid 15 per cent to Rs 9,248 crore. On Friday, when inflation soared to 7 per cent mark, MCX turnover fell 13 per cent to Rs 3,214 crore and NCDEX by 28 per cent to Rs 1,797 crore. The proposed Commodity Transaction Tax has also played its part in pulling down the turnover. More Stories on : Economy | Commodity Exchanges
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