Our Bureau

Mumbai, April 6

The participation of Government agencies such as MMTC, PEC, FCI, Cotton Corporation of India, NAFED and new contract launches have pushed up turnover on National Spot Exchange (NSEL).

The turnover on the exchange doubled to Rs 895 crore in March against Rs 412 crore recorded in February.

Month-on-month volumes increased by 67 per cent 17.08 lakh tonnes. The most active gold and castorseed contracts contributed more than 87 per cent to volumes.

The monthly turnover recorded in gold for various delivery centres such as Mumbai, Ahmedabad, Kolkata, Chennai, Delhi, Jaipur, Hyderabad and Vijayawada was Rs 485 crore.

Gathering pace

Mr Anjani Sinha, Managing Director, NSEL, said, “The concept is gaining momentum and motivating more processors and exporters to use our platform for sourcing farm produce.”

NSEL has 322 members including large broking houses such as Karvy, Kotak, Religare, SMC, Globe Capital.

Food Corporation of India has auctioned 1,200 tonnes of wheat worth Rs 1.5 crore on NSEL under open market sale scheme in March. Hindustan Zinc has auctioned 8.5 tonnes of silver valued at Rs 21.43 crore.

“Small traders were more interested in the silver contracts in 30 kg as banks and nominated agencies take orders for silver only in large lots of one to five tonnes. The interest was encouraging even as the minimum order size was of 600 kg,” said Mr Sinha.

The launch of eGold contracts allows an investor to buy and sell gold in denominations of one gram and take delivery in demat form.

State-owned trading firm PEC procured 16 tonnes of urad and 432 tonnes of moong on the NSEL platform.