Last Updated : 02 March 2010 at 17:40 IST

NSEL Feb turnover pegged at Rs.411 crore

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MUMBAI (Commodity Online): India’s leading agriculture spot trading bourse, National Spot Exchange Limited (NSEL) today announced that the exchange has achieved delivery-based turnover of Rs.411 crore for the month of February, 2010.

According to a statement issued by the exchange today, the exchange has achieved this significant volume in a record period of one year. The total volumes includes castor seed valued at Rs.215.61 crore, cottonseed wash oil valued at Rs.34.90 crore, gold at Rs.126.50 crore, silver at Rs.26.30 crore, cotton ( bales) at Rs.6.17 crore and castor oil at Rs.0.89 crore, apart from some volume recorded in Urad and Tur.

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Presently, NSEL operates in 11 states in 23 commodities having 49 delivery locations across the country through 194 commodities contract. As of now total numbers of NSEL members are 310, which includes large broking houses, public sector enterprises, farmers as well as corporate.

Of the total traded taken place on the exchange during the month, over 65% share came from castor seed trades, while significant volume of about 27% of the total turnover was generated in gold trading.

During the month under reference, Hindustan Zinc sold 10.35 MT of silver worth Rs.25.53 crores through NSEL platform. This was sold through forward auction mechanism conducted by NSEL. This includes sale of 6.15 MT of silver on Ex Jaipur basis and 4.2 MT of Silver on Ex Ahmadabad basis.

Anjani Sinha, MD & CEO, National Spot Exchange said, “It is a unique market place, where both buyers and sellers are equally happy to trade. While sellers realize higher price, buyers save in cost of procurement. This has been made possible by us by improving marketing efficiency and reducing cost of intermediation.”

During the calendar year 2009, National Spot Exchange handled deliveries worth Rs. 2550 crores with participation of around 14000 farmers. The cotton contract which went live in the month of February ’09 saw a record turnover of Rs.1135.59 crore with delivery of more than 9 lakh bales of cotton last season.