India’s April-December 15 commodity bourses turnover up 51%

Turnover at Indian commodity bourses rose 51.37% to 78.3 trillion ($1.73 trillion) from April 1 to December 15, primarily driven by bullion and metals contracts, though agri-commodities turnover too rose a tad, data from the markets regulator showed on Tuesday.

The total value of trade for metals jumped 66.23% to 18.42 trillion rupees, while for bullion it surged 73.69% to 35.65 trillion rupees.

Volumes in agri-commodities rose by a mere 7.88% to 9.05 trillion rupees, the Forward Markets Commission (FMC) said.     

Gold and silver have been on a record-breaking spree due to safe-haven buying in the precious metals complex, spurring volumes in futures exchanges.

India, which allowed futures trading in commodities in 2003, has one of the fastest growing commodity futures markets and had a combined turnover of 77.65 trillion rupees in 2009-10.

India, the biggest buyer of bullion and second-largest wheat and rice growing nation, has 21 commodity bourses, including five operating at the national level.