Commodity trade in India surges ahead

Commodity trade in India continues to grow fast. Combined trade of all the major commodity bourses jumped 82.7 percent to 3 trillion rupees in the second half of July.
Forward Markets Commission, the commodity markets regulator, has reported, the total turnover from April to July rose more than 40 percent to 16.54 trillion rupees.
India, which allowed futures trading in commodities in 2003, has one of the fastest growing commodity futures market with a combined trade turnover 40.66 trillion rupees in the financial year 2007/08.
The regulator also granted an in-principle approval to a new commodity exchange to be set up by MMTC Ltd and India Bulls Financial Services Ltd in Gurgaon, it said.
According to the FMC Web site, India has 22 commodity bourses, of which 3 operate at national level.