Bullion trades rise 123% in second-half of July: FMC

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Bullion trades on the Indian bourses once again hit the bells as the latest trade data released by the Forward Markets Commission ( FMC ) for the fortnight 16th July 2010 till 31st July, 2010 showed bullion trade volumes rising 123.8% from the corresponding period last year.

The trade data from the commission also revealed that the cumulative growth in the trade volumes has been highest in bullions trading, which rose by over 81% year on year at Rs.15195 billion, during April 2010 till 31st July, 2010.

The fortnightly data showed that the bullions trade remained at Rs.2021 billion for second half of July 2010, against Rs.902.8 billion registered in the corresponding period last year.

India's largest commodity bourse, Multi Commodity Exchange (MCX) registered highest price for gold at Rs.18421 per 10 gms on 16th July, 2010 for the near month contract. The contract hit bottom at Rs.17660 per 10 gms on 29th July, 2010.

During the fortnight, the total value of trade in all varieties was Rs.127543.491 Cr. The net open position in the near month contract was at its highest at 20232 Kg on 16.07.2010, the commission reported.

Meanwhile, in Silver the near month contract (i.e. 4th September 2010) was quoted at its highest at Rs.29254.00 per Kg on 23rd July, 2010 and hit the lowest at Rs.28026.00 per kg on 28th July, 2010.

The total value of trade in all varieties of silver stood at Rs.628.03 billion. 

The total value of overall trading at the Commodity Exchanges across the country during the fortnight from 16th July 2010 to 31st July 2010 was Rs.5010.46 billion. The cumulative value of trades from 1stApril, 2010 upto 31st July,2010 for the financial year 2010-11 was Rs.33722.49 billion.

The corresponding figures for the previous year were Rs.3078.29 billion and Rs.21236.37 billion respectively, the FMC report mentioned.



The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.



This article appears in: Investing , Commodities

Referenced Stocks: FMC

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