News

MUMBAI: The National Commodity and Derivatives Exchange (NCDEX) on Saturday said it has posted an over three-fold jump in its Average Daily Turnover Value (ADTV) at Rs 2,139 crore in May, compared to the same month last year.

In May 2020, NCDEX had posted an ADTV of Rs 588 crore after a complete pan-India lockdown during the first wave of COVID-19 outbreak had caused supply chain disruptions, the agricultural commodity exchange said in a statement.

The ADTV in mustard futures contract rose 554 per cent year-on-year while the same in chana, refined soy oil and soybean posted a rise of 398 per cent, 362 per cent and 202 per cent, respectively, from a year ago period.

The exchange has delivered over 46,400 tonnes of commodities in May, a rise of 119 per cent year-on-year, despite logistical hurdles emanating from full or partial lockdowns across the country during the month under review.

“Higher trading volume during the lockdown is a reflection of faith of agri-value chain participants on the exchange as a platform to mitigate their price risks in a challenging trade environment. As we enter the kharif plantation season backed by normal monsoon forecast we expect the momentum to accelerate further with more participation from farmers and Farmer Producer Companies,” NCDEX chief – business and products, Kapil Dev, said.

Articles You May Like

From walls to wallets: Barcelona graffiti artists share their love for Bitcoin
Why industrial commodity prices are under pressure
Chamber of Digital Commerce launches Digital Power Network miners’ coalition
WTI crude futures settle at $89.63
Forexlive Americas FX news wrap 19 Sep: One more sleep until the FOMC decision.