Commodity Online
MUMBAI: Global market meltdown has left a telling mark on the commodities exchanges with the three leading ones witnessing a crash in their turnover for November month.

The country’s stock market crashed like nine pins following the onslaught of global meltdown. After the Sensex crash, it is the time for commodity exchanges to witness the meltdown impact. Turnover on the country’s three national futures exchanges declined 3.5 per cent in November because of the falling global commodity prices.

This is the first-ever decline in turnover this year and perhaps since the commencement of trading in 2003.

Multi-Commodity Exchange (MCX), National Commodity and Derivatives Exchange (NCDEX) and National Multi-Commodity Exchange (NMCE) have seen its total value of trade down at Rs 3,31,967.09 crore in November compared to Rs 3,33,655.38 crore in the corresponding month last year.

The three exchanges constitute over 95 per cent of the value of trade in futures market in India.

The turnover on NCDEX declined over 36 per cent to Rs 26,451.37 crore from Rs 41,379.42 crore because of the suspension in highly-traded commodities including soy oil and chana.

Now, the exchange hopes to recover the value of business with the restoration of Future trading in these commodities.

Value of agricultural commodities trade on NCDEX slipped from Rs 34,642.68 crore to Rs 22,889.85 crore while that of non-agri commodities fell from Rs 6,736.74 crore to Rs 3,561.52 crore.