The combined turnover of commodity exchanges slipped by 55% and stood at Rs 6.56 lakh crore in January, compared to a business of Rs 14.55 lakh crore in the same month last year. As per data compiled by regulator Forward Markets Commission (FMC), MCX generated the maximum business of Rs 5.18 lakh crore, followed by NCDEX at Rs 98,881 crore, NMCE at Rs 18,294 crore, UCX at 6,318 crore, ICEX at Rs 5,878 crore and ACE at Rs. 3,676 crore.
The turnover from gold and silver fell by 65% to Rs 2.38 lakh crore in January this year, from Rs 6.83 lakh crore in the year-ago period. The business from metals too dropped by 68% to Rs 98,080 crore from Rs 3,08,910 crore, while the turnover from energy items like crude oil declined by 44% and stood at Rs 1.67 lakh crore from Rs 2.99 lakh crore in the period under review. Besides, the turnover from farm items like guar and chana fell by 7% to Rs 1.51 lakh crore in January this year from Rs 1.63 lakh crore in the year-ago period.
The drop in turnover of exchanges in month of January is due to sharp fall in trading volumes in bullion and metals. The turnover started slipping after imposition of commodity transaction tax since July last year and also due to low investor confidence in the market following Rs 5,600 crore payment crisis at NSEL. There are six national and 11 regional level commodity exchanges in the country.
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