Jump in daily trading of non-agri commodities: OfficialBy IANS
Thursday, October 21, 2010
KOLKATA - The National Commodity and Derivative Exchange (NCDEX) has seen a jump in Average Daily Trading Volume (ADTV) of non-agricultural commodities over the past two months following rise in steel and crude oil contracts, its chief said Thursday.
NCDEX managing director and chief executive officer R. Ramaseshan told media persons here that the average daily turnover for the past two months was around Rs.4,000 crore, and the annual turnover went past the Rs.500,000 crore mark recently.
He said the exchange would now focus on the non-agri commodities sector, while keeping up the tempo in agri-commodities.
The NCDEX was trading in 47 commodities in the agricultural and non-agricultural sectors.
Ramaseshan said the ADTV for the steel long contract hovered around 35,000 tons while the Open Interest (OI) was now 110,000 tons with stocks over 74,000 tons.
The NCDEX had seen deliveries in steel of upto 12,000 tons in a month recently, Ramaseshan said.
NCDEX’s chief business officer Vijay Kumar said in oil, the exchange started off with a trading figure of 29,500 barrels a day, but the daily volumes have now shot up to over 150,000 barrels a day.
Ramaseshan said the NCDEX has decided to bring Jaypee Capital Services as an anchor investor. Jaypee will have 22 percent equity.
As per government guidelines, the equity share of an anchor investor can go beyond 15 percent but has to be less than 26 percent.
The bourse was also planning to issue additional equity that would see the shareholding of major promoters, NSE, LIC and Nabard come down from 15 per cent to 11.5 per cent.