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Indian Commodities Market
In India commodity markets have been in existence for decades. However, in 1975, the Government banned forward contracts on commodities. Later in 2003, the Government of India again allowed forward contracts in commodities. There have been over 20 exchanges existing for commodities all over the country. However, these exchanges are commodity specific and have a strong regional focus. The Government, in order to make the commodities market more transparent and efficient, accorded approval for setting up of national level multi commodity exchanges. Accordingly, national commodity exchanges came into existence.
- Multi Commodity Exchange (MCX)
- National Commodities Derivatives Exchange (NCDEX)
- National Multi Commodity Exchange (NMCE)
- Indian Commodity Exchange (ICEX)
The MCX is Mumbai-based and is promoted by Financial Technologies Pvt Ltd. MCX allows trading on a host of commodities ranging from bullion to grains. MCX has become the first exchange in the world to launch futures on steel. Presently, average daily turnover of MCX is around `28000-30000 crores.
NCDEX is promoted by an elite group of financial institutions including NSE, LIC, SBI, UBI etc., NCDEX also allows trading of futures on a host of commodities.
National Multi Commodity Exchange of India Ltd. (NMCE) was promoted by commodity-relevant public institutions, viz., Central Warehousing Corporation (CWC), National Agricultural Cooperative Marketing Federation of India (NAFED), Gujarat Agro-Industries Corporation Limited (GAICL), Gujarat State Agricultural Marketing Board (GSAMB), National Institute of Agricultural Marketing (NIAM), and Neptune Overseas Limited (NOL).
Indian Commodity Exchange Limited jointly promoted by Indiabulls Financial Services Ltd and MMTC Limited, and has Indian Potash Ltd., KRIBHCO and IDFC among others, as its partners.
The following tables indicate the various commodities traded in both exchanges and also the critical information regarding the various contracts.
National Commodities and Derivatives Exchange, NCDEX
COMMODITY |
UNIT OF PRICE QUOTATION |
UNIT OF TRADING |
YIELD/Re. MOVEMENT |
TIC SIZE or TIC |
YIELD/TIC or TIC VALUE |
TRADING SESSION |
PRECIOUS METALS |
GOLD |
10gm |
100gm |
10.00 |
1.00 |
10.00 |
10:00AM-11:30PM/11:55PM |
KILO GOLD |
10gm |
1000gm |
100.00 |
1.00 |
100.00 |
10:00AM-11:30PM/11:55PM |
SILVER |
1KG |
5KG |
5.00 |
1.00 |
5.00 |
10:00AM-11:30PM/11:55PM |
MEGA SILVER |
1KG |
30KG |
30.00 |
1.00 |
30.00 |
10:00AM-11:30PM/11:55PM |
AGRICULTURAL PRODUCTS |
SOYA |
1QT |
10MT |
100.00 |
0.05 |
5.00 |
10:00AM-5:00PM |
SOYA OIL |
10KG |
10MT |
1000.00 |
0.05 |
50.00 |
10:00AM-5:00PM |
CHANA |
1QT |
10MT |
100.00 |
1.00 |
100.00 |
10:00AM-5:00PM |
GAUR SEEDS |
1QT |
10MT |
100.00 |
1.00 |
100.00 |
10:00AM-5:00PM |
TUR |
1QT |
10MT |
100.00 |
1.00 |
100 |
10:00AM-5:00PM |
URD |
1QT |
10MT |
100 |
1.00 |
100 |
10:00AM-5:00PM |
CHILLI |
1QT |
5MT |
50 |
1.00 |
50 |
10:00AM-5:00PM |
TURMERIC |
1QT |
10MT |
10 |
1.00 |
10 |
10:00AM-5:00PM |
PEPPER |
1QT |
1MT |
10.00 |
1.00 |
10.00 |
10:00AM-5:00PM |
WHEAT |
1QT |
10MT |
100 |
0.20 |
20 |
10:00AM-5:00PM |
CASTOR |
20KG |
10MT |
500 |
0.10 |
50 |
10:00AM-5:00PM |
Multi-Commodity Exchange, MCX
COMMODITY |
UNIT OF PRICE QUOTATION |
UNIT OF TRADING |
YIELD/Re. MOVEMENT |
TIC SIZE or TIC |
YIELD/TIC or TIC VALUE |
TRADING SESSION |
PRECIOUS METALS |
GOLD-M |
10gm |
100gm |
10.00 |
1.00 |
10.00 |
10:00AM-11:30PM/11:55PM |
GOLD |
10gm |
1KG |
100.00 |
1.00 |
100.00 |
10:00AM-11:30PM/11:55PM |
SILVER-M |
1KG |
5KG |
5.00 |
1.00 |
5.00 |
10:00AM-11:30PM/11:55PM |
SILVER |
1KG |
30KG |
30.00 |
1.00 |
30.00 |
10:00AM-11:30PM/11:55PM |
CRUDE |
1BBL |
100BBL |
100 |
1.00 |
100 |
10:00AM-11:30PM/11:55PM |
AGRICULTURAL PRODUCTS |
SOYA |
1QT |
10MT |
100.00 |
0.05 |
5.00 |
10:00AM-5:00PM |
SOYA OIL |
10KG |
10MT |
1000.00 |
0.05 |
50.00 |
10:00AM-5:00PM |
MENTHA OIL |
1KG |
360KG |
360 |
0.10 |
36.00 |
10:00AM-5:00PM |
POTATO |
1QT |
30MT |
300 |
0.10 |
30.00 |
10:00AM-5:00PM |
KAPAS KHALI |
50KG |
5MT |
100 |
0.10 |
10.00 |
10:00AM-5:00PM |
CARDAMOM |
1KG |
500KG |
500 |
0.50 |
250 |
10:00AM-5:00PM |
INDUSTRIAL METALS |
STEEL LONG |
1MT |
10MT |
10.00 |
1.00 |
10 |
10:00AM-11:30PM/11:55PM |
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