Commexes turnover nosedived by 60 per cent to Rs 2.84 lakh crore during the first fortnight of October, according to the Forward Markets Commission (FMC). Experts attributed the significant drop in trading volumes at the commodity exchanges to shaken investor confidence in futures market after the NSEL fiasco deepened.
The exchanges had done business of Rs 7.09 lakh crore in the first fortnight of October last year, commodity market regulator FMC said in a statement.
The maximum fall in business this year was seen in energy, followed by metals, bullion and agri commodities. Total value of trading in energy fell by 68 per cent to Rs 56,539 crore during October 1-15 period of this fiscal, from Rs 1,76,686 crore in the same period last year.
The turnover from agri commodities too fell by 36 per cent to Rs 63,557 crore in the first fortnight of October in this fiscal as compared to Rs 1,00,055 crore in the year-ago period.
There are 21 commodity exchanges in the country, of which six of them operate at the national level. They include MCX, NCDEX, NMCE, UCEX, ACE and ICEX.
The combined turnover of commodity exchanges had fallen by 25 per cent to Rs 65.68 lakh crore in the first six months (April-September) of 2013-14 due to a sharp decline in trading volumes in most commodities.