Volume of Commodity Trading grew by record 200 per cent

Patna, May 17 (UNI) Since its introduction only two years ago, the volume of commodity trading in India jumped by over 200 per cent to Rs 3.7 million crores last year, opening a new window of opportunity for the traders of about 90 major commodities in the country.

This was informed here today by Director, Forward Markets Commission, Bharat Tripathi while speaking to UNI on the sidelines of an awarness building programme of the new trading concept.

Claiming that the Indian Commodity market still had tremendous growth potential despite its tremendous growth recently, Mr Tripathi said in spite of the limited awareness about the trading facilities, the daily volume of trade had already touched the Rs 12,000 crore mark at the national level with the contribution of the Eastern region among them hovering around Rs 5,000 crores.

He said among 90 odd commodities being traded in all the major exchanges comprised not only all agricultural products, but also those from the metal and energy sectors.

However, the largest volume of commodity market came from the trading of gold and other precious metals, Mr Tripathi said adding that they were closely followed by the trading of pulses, soya, gur, wheat and rices in that order.

Asked about the stringent regulatory steps of the Forward Market Commission against errant traders, its Director said if any of the 4500 odd member was found involved in excess trading of any commodity or any other illegal trading, stern action would be taken against him in terms of cancellation of membership and other steps.

Referring to the Commission's efforts to create greater public awareness about the nature and usefulness of Commodity trading in the backdrop of the country's economic growth, Mr Tripathi said so far about 40 such awareness programmes had taken place in different cities and towns only to receive overwhelming response from all sections of traders.''We plan to keep up the exercise all round the year across the country'', he explained further.

UNI