Commodity Exchanges Turnover Surges 55%

Hello Friends here we come up with the Latest Agri Commodities updates from various parts of the country.

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Commodity Exchanges Turnover Surges 55%

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Commexes turnover surges 55%

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Commodity exchanges started the year 2010 on a good note with total turnover surging by 55.24% to Rs 3,64,893 crore in the first fortnight of the current month.

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The exchanges had registered a total turnover of Rs 2,35,048 crore in the year-ago period.

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MCX clocked the highest turnover of Rs 2,86,953 crore (till January 15) among 23 commodity exchanges, the data released by commodity market regulator forward markets commission (FMC) showed.

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While the turnover of leading agri-commodity bourse NCDEX stood at Rs 46,648 crore, Ahmedabad-based NMCE made a business of Rs 8,884 crore during the period.

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New entrant ICEX generated a turnover of Rs 18,927 crore in the period.

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Higher turnover came from bullion,energy and few farm commodities such as guarseed, soy oil and chana, FMC said.

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The total business from agri-commodities more than doubled to Rs 58,857 crore, while that from bullion rose by 16.31% to Rs 1,55,959 crore till January 15.

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Turnover from other commodities such as energy also more than doubled to Rs 1,50,077 crore in the review period, it said.

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Commodity exchanges had closed the year 2009 with record turnover of Rs 70,90,442 crore, up by 40.85% from Rs 50,33,872 crore in the previous year.

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🙂

In Other major Commodities Updates we can read on that the recent cold wave in northern and western parts of the country seems to have improve yield of jeera crop.

🙂

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Cold wave likely to spice up jeera crop output

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Recent cold wave in northern and western parts of the country seems to have brightened up prospects for jeera (cumin seed) crop this Rabi season.

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Industry players expect that cold weather condition,which prevailed in the first half of January, is likely to improve yield of jeera crop.

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Past few weeks have seen cold wave sweeping Gujarat and Rajasthan, the two main jeera growing states in the country.

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“Cold weather is beneficial to jeera crop and recent cold wave will help improve the yield of jeera in these two states,” said Vishnubhai Patel, director at AMPC Unjha.

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Though area under jeera crop in Rajasthan has increased this year, Gujarat has seen the acreage going down to 2.45 lakh hectares in 2009-10 as against 3.43 lakh hectares in previous fiscal.

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However, industry players estimate a new crop of 2.3 million bags (one bag weighing 60 kg), which include 1.5-1.6 million bags from Gujarat and 0.7-0.8 million bags from Rajasthan.

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Last season, the new crop was estimated to be nearly 2.2-2.3 million bags.

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Overall, the total supply of jeera in 2009-10 season is likely to be 3-3.1 million bags including 0.6-0.7 million bags of carryover stock.

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🙂

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