GOVERNMENT OF INDIA
FORWARD MARKETS COMMISSION
MINISTRY OF FINANCE
DEPARTMENT OF ECONOMIC AFFAIRS
FMC Bulletin
April 2015 – June 2015
EVEREST, 3RD FLOOR. 100, MARINE DRIVE,
MUMBAI 400 002
INDEX
Ch. No. Subject Pg. No.
1 Foreword 1
2 Commodity Market Review at a Glance 2
3 Important Developments in the Commodity Market 3
4 Performances of the Exchanges in the Commodity Market
i) Multi Commodity Exchange of India Ltd., Mumbai 10
ii) National Commodity & Derivatives Exchange Ltd., Mumbai
15
iii) National Multi Commodity Exchange of India Ltd., Ahmedabad
21
iv) ACE Derivatives & Commodity Exchange Ltd., Mumbai
25
Annexure
Sr. No. Subject Pg. No.
I List of commodities notified under section 15 of the
FCRA 1952.
26
II List of Recognized Commodity Exchanges 28
III Volume and value of commodities traded 29
IV Details of permissions granted to Recognized
Exchanges
30
1
1. FOREWORD
Forward Markets Commission regulates forward trading in 113 commodities at the 12 Recognized
Commodity Exchanges, of which 6 are National Commodity Exchanges and 6 are Commodity Specific
Regional Exchanges.
During the quarter under review i.e., April to June 2015, the total value of trade was ₹16.86 lakh crore as
against ₹14.55 lakh crore during the corresponding period last year. Food items viz. Chana, Rape/Mustard
seed, Refined Soya Oil and Coriander contributed major share to the total value of trade in Agricultural
Commodities. In Non-food items, Guar seed and Castor seed contributed major share in the commodity
futures trading. During the period, the value of trade in Bullion was ₹4.85 lakh crore and in Metals (other
than Bullion) it was ₹3.61 lakh crore. Value of trade in Agriculture Commodities and Energy Products
amounted to ₹3.58 lakh crore and ₹4.82 lakh crore respectively. The total value of trade at the National
Multi Commodity Exchanges was ₹16.83 lakh crore and at the Commodity Specific Exchanges, it was
₹0.03 lakh crore.
During the quarter, the Commission undertook a number of measures to promote efficient functioning of
the Commodity Futures Market and to improve transparency in the market such as strengthening of
warehousing facilities in the Commodity Futures Market and to overcome the problem of insufficient
warehousing capacity for commodities traded on the Exchange platform, the Commission decided that the
Exchanges may accredit new warehouses even if these are not registered with WDRA, provided that the
registration of such warehouses with the WDRA be done within six months from the date of addition in the
approved list of the Exchange
In order to protect the interest of members and clients on suspension of trading operation by a Commodity
Exchange, the Commission issued directives to all the Commodity Exchanges that after the suspension of
trading, the trade margin money of clients deposited with the Exchange shall be refunded within 15 days
and that the Exchange shall invite complaints/grievances from clients against members and resolve such
complaints/grievances within 6 months from the suspension of trade. Six months after the date of
suspension of trade, the Exchange shall refund the Trade Margin Capital (TMC) and Base Minimum Capital
(BMC) along with other deposits and collaterals, if any, to the members, provided that there are no other
claims against such members, etc.
As a result of the concerted efforts of the Commission, the Reserve Bank of India has issued a notification
dated 28th May, 2015 advising banks to encourage large agricultural borrowers such as agricultural
commodity processors, traders, millers, aggregators etc., to hedge their risks related to agricultural
commodity prices.
During the period, with regard to FMC and SEBI merger, interaction between FMC and SEBI continued and
various details / information were furnished.
2
2. COMMODITY MARKET REVIEW AT A GLANCE
Forward Markets Commission regulates forward trading in 113 commodities (Annexure I) at the 12
Recognized Commodity Exchanges, of which 6 are National Commodity Exchanges and 6 are Commodity
Specific Regional Exchanges (Annexure II) .
During the period under review (April to June 2015), the total value of trade in all commodities traded at the
recognized Exchanges was ₹16.86 lakh crore as against ₹ 16.09 lakh crore during the previous quarter
(January to March 2015) and ₹14.55 lakh crore during the corresponding period of last year.
The four national commodity Exchanges contributed 99.84 % of the total value of trade in the commodity
futures market. These are MCX Mumbai (80.55 %), NCDEX Mumbai (18.75 %), NMCE Ahmedabad (0.53
%) and ACE Mumbai (0.02%).
The following table indicates the total volume and value of trade during the quarter April to June 2015 in
the major commodity Exchanges.
Name of Exchange Volume of Trade
(In lakh tons)
Value (₹ in
crore)
% share (In
value terms)
Multi Commodity Exchange of India
Ltd., Mumbai (MCX)
1758.38 1357877.23 80.55
National Commodity & Derivatives
Exchange Ltd., Mumbai (NCDEX)
632.05 316099.20 18.75
National Multi Commodity Exchange of
India Ltd., Ahmedabad (NMCE)
19.44 8906.09 0.53
ACE Derivatives & Commodity
Exchange Ltd., Mumbai (ACE)
0.28 261.81 0.02
Total of National Exchanges 2410.14 1683144.33 99.84
Regional Exchanges 6.44 2656.28 0.16
Grand total 2416.58 1685800.61 100
Note: Natural Gas volumes are not included in the Total Volume.
It is seen from Annexure III that the major commodity groups traded in the commodity futures market were
Bullion, Energy, Metals and Agriculture (Food and Non-Food Items). In Agricultural commodities the major
contribution to the total value of trade was from Chana, Rape/Mustard seed, Refined Soya Oil, Guar seed,
Coriander and Castor seed.
3
3. IMPORTANT DEVELOPMENTS IN THE COMMODITY FUTURES MARKETS
3.1 Revision in the Regulatory Measures:
3.1.1 Imposing additional margin:
• The Commission on 5th May 2015 imposed an additional margin of 10% on Mentha oil contracts
with effect from 7th May, 2015 in view of the increased price volatility in May, June and July
contracts. It was observed that the upward movement in Mentha Oil contract prices due to factors
such as delay in sowing on account of unseasonal rains and hailstorms which had impacted the
yield.
• As per the directives of the Commission, on 26th May, 2015, in view of the price volatility in coriander
contracts, NCDEX implemented the following in all the running contracts and yet to be launched
contracts in Coriander.
(i) Additional Margin of 5% (in Cash) on both Long and Short side with effect from 1st June, 2015.
(ii) Pre-expiry margin of 3% increased on a daily basis on both sides, will be levied from the
commencement of staggered delivery period i.e. from 11th of the month till expiry of the contract.
At present coriander is being traded on the NCDEX platform only.
3.1.2 The Commission has given approval on 1st May, 2015 for modification in settlement days of
Transferable Specific Delivery Forward contracts in Gold & Silver at NCDEX to align the prices and
settlement dates with the physical market practices.
3.1.3 The Commission reviewed the trading development in Agri-Commodity Contracts traded on
NCDEX platform. Subsequently, as directed by the Commission, NCDEX issued a Circular on
1st June, 2015, in respect of Chana and Coriander Contracts as given below-
• The staggered delivery in case of June 2015 expiry contracts should commence from 4th June,
2015.
• The staggered delivery for July 2015 and onward contracts should commence from 1st day of the
expiry month.
• The participants making early pay-in of goods should not be required to pay any margin except
mark-to-market margin.
• In respect of Coriander Contracts further Special Margin of 10% (in cash) on the Long side was
imposed on all running contracts and yet to be launched contracts with effect from 3rd June, 2015.
The Margins structure w.e.f. 3.6.2015 was as under –
Long side Short side Additional
Margin (in Cash)
Special Margin
(in Cash)
Total Margin
Additional Margin
(in Cash)
Special Margin (in
Cash)
Total Margin
5% 10% 15% 5% - 5%
4
• In order to maintain uniformity of regulatory measures at National Exchanges, the Commission
issued direction to NMCE on 2nd June 2015, to implement the said regulatory measures, in line with
the Circular issued by NCDEX, for Chana contracts.
3.2 Appointment of Independent Directors on the Board of the national multi commodity
Exchanges under section 6 (2) (b) of the Forward Contracts (R egulation) Act, 1952:
• The Commission, on 7th April, 2015 approved the appointment of Mr. B. M. Jindel as Independent
Director on the Board of ACE Derivatives and Commodity Exchange Ltd. Mumbai for a period from
1/04/2015 to 31/03/2018.
• The Commission, on 22nd April, 2015, approved the appointment of Mr. Ashok Sinha as an
Independent Director on the Board of Indian Commodity Exchange Ltd. (ICEX), Mumbai for a period
up to 31/03/2018.
• The Commission, on 19th May, 2015 approved the appointment of Mr. Arun Nanda and
Mr. S.K.Mitra as Independent Directors on the Board of the Multi Commodity Exchange of India
Ltd. (MCX), Mumbai for a period up to 31/03/2018.
3.3 Appointment of Independent Directors on the Boards of the Regional Commodity Exchanges
under section 6 (2) (b) of the FCR Act, 1952:
• The Commission, on 14th May, 2015 appointed (i) Shri Jitendra A. Bhatt, and (ii) Dr. Hitesh Shukla
as Independent Directors on the Board of Rajkot Commodity Exchange, Rajkot for a period up to
31/03/2016.
3.4 Strengthening of warehousing facilities in the Commodity futures market and Registration of
Warehouses with the WDRA:
• A meeting was held on 21st April, 2015 in the office of Warehousing Development and Regulatory
Authority (WDRA) at New Delhi to review the progress of Registration with WDRA of Warehouses
accredited with National Commodity Exchanges and to discuss the issues/difficulties faced in this
regard. During the meeting, it was informed by WDRA that in March, 2015, amendments have been
made in the Warehousing (Development and Regulation) Registration of Warehouses Rules, 2010
and Warehousing Development and Regulatory Authority (Warehouse Accreditation) Regulations,
2011 which would ease the registration process. In view of the above steps by WDRA and the
discussions held in the meeting, the Commission on 27th April, 2015 decided that all the exchanges
should ensure that requirement of registration of warehouses accredited by them with WDRA is met
by 30th June, 2015.
• In this connection, it was brought to the notice of the Commission that the Exchanges are sometimes
required to hire additional warehousing space in various locations depending upon market
requirements and it may not always be possible to find WDRA registered warehouses at such
5
locations. Lack of adequate warehousing capacity for commodities traded on the Exchange platform
may distort the price discovery process, since there will not be a credible delivery threat in the
absence of sufficient deliverable stocks. Hence, the Commission decided that the Exchanges may
accredit new warehouses to attend to such exigencies even if these are not registered with WDRA,
provided that the registration of such warehouses with the WDRA was done within six months from
the date of addition in the approved list of the Exchange. In case the registration with WDRA is not
done within the stipulated period of six months, then the Exchange would not utilize the services of
such a warehouse.
3.5 Registration of warehouses within the NCR of De lhi with WDRA:
In view of the difficulties faced by warehousing service providers (WSPs) in registering their
warehouses located in the NCR of Delhi, NCDEX had requested the Commission that the stocks
already deposited in the approved warehouses which are yet to be registered with the WDRA and
located within the NCR of Delhi may be permitted to be delivered through settlements on the
Exchange platform till their respective final expiry dates. The Commission accorded its approval and
directed the Exchange on 30th June 2015 to take the following steps:
• The Exchange shall stop acceptance of any fresh deposit for non-WDRA registered warehouses in
the NCR of Delhi w.e.f. July 1, 2015.
• The stocks already deposited in the approved warehouses within the NCR of Delhi which are yet to
be registered with the WDRA may be delivered in the settlements on the Exchange platform till their
respective Final Expiry Date.
• Exchange may approve new warehouses within 100 km radius of delivery centres as already
stipulated vide Circular dated 16th August, 2012.
3.6 The Surendranagar Cotton Oil & Oilseeds Association Ltd., Surendranagar was informed by the
Commission on 27th April, 2015 that due to the absence of receipt of any action plan for
demutualization and online trading and also on the grounds that there has been no progress on their
plan for tie-up with NCDEX their proposal for renewal of recognition, which lapsed on 31st March,
2014, is not being considered.
3.7 RBI’s Notification advising banks to encourag e large agricultural borrowers to hedge their
risks related to agricultural commodity prices:
The Reserve Bank of India, on 28th May, 2015 issued a Notification advising banks to encourage
large agricultural borrowers such as agricultural commodity processors, traders, millers, aggregators,
etc., to hedge their risks related to agricultural commodity prices. To improve awareness of hedging
tools, such as derivatives, banks have also been advised to educate their customers about the
suitability and appropriateness of using various hedging tools so that the customers can take an
informed decision.
6
In this regard, the Commission had requested the RBI, in the FSDC Sub Committee meeting held on
9th August 2014, to stipulate banks and their commodity loan borrowers for using hedging
mechanisms of the commodity futures markets in order to safeguard their risks from volatile
commodity prices.
3.8 Directives on Suspension of Trade, Refund of Member Liabilities and Revival of Exchange:
In order to protect the interest of members and clients on suspension of trading operation by a
Commodity Exchange, the Commission vide circular dated 19th May, 2015 issued following directives
to all the Commodity Exchanges-both National and Regional:
a) After the suspension of trading, the trade margin money of clients deposited with the Exchange shall
be refunded within 15 days.
b) The Exchange shall invite complaints/grievances from clients against members and resolve such
complaints/grievances within 6 months from the suspension of trade.
c) Six months after the date of suspension of trade, the Exchange shall refund the Trade Margin Capital
(TMC) and Base Minimum Capital (BMC) along with other deposits and collaterals, if any, to the
members, provided that there are no other claims against such member.
d) The membership registration of all the members shall remain valid even after refunding the Trade
Margin Capital and Base Minimum Capital. In case of resumption of trade, the membership of such
registered members can be re-activated and BMC/TMC collected afresh, as per the bye-laws and
rules of the Exchange.
e) In case, the Exchange is not in a position to revive its trading operations within 12 months from the
date of suspension of trading, then a Show Cause Notice (SCN) shall be issued by the Commission
to the Exchange to explain as to why its registration shall not be cancelled and why the Commission
should not recommend withdrawal of its recognition to the Central Government. After considering the
reply to the SCN, the Commission shall take a view in this regard and act accordingly.
3.9 Suspension of trading at ACE:
• ACE Derivatives and Commodity Exchange Limited (ACE) had informed the Commission that
keeping in view the limited capital availability and low trading volumes on the exchange platform, the
Board of the Exchange at its meeting held on 6th May, 2015 decided not to launch any fresh contract
and to expire all the contracts running on the Exchange platform by 31st May, 2015 or till such time
the open interest become zero whichever is later. In this regard, the Commission on 26th May, 2015
directed ACE to adhere to the directives of the Commission conveyed vide letter dated 19th May,
2015 on Suspension of Trade, Refund of Member liabilities and Revival of Exchange. In pursuance
with the directives issued by the Commission dated 19th May, 2015, the ACE Commodity and
Derivatives Exchange, consequent to suspension of trading with effect from 31.05.2015 has refunded
the trade margin money to the respective members within 15 days of suspension of trading.
7
3.10 Developments at UCX:
(i) The Commission observed that there was no trading on the UCX Exchange platform for more than
last ten months and majority of members registered with the Exchange were never active in trading
on the Exchange. The Exchange had not received any trade related complaint/grievance since the
suspension of trading on the Exchange.
(ii) Under the circumstances, the Exchange was directed to immediately refund the Base Minimum
Capital (BMC) and Trade Margin Capital (TMC) to all the members immediately except for those
members whose BMC and TMC have been specifically kept on hold by the Board of the Exchange.
The Exchange was also directed to ensure that the amount of deposit (both BMC & TMC) of such
members are earmarked separately in Fixed Deposit with a Scheduled Commercial Bank and not
utilized in any manner, till the pending issues with such members are resolved.
(iii) Accordingly, the Exchange has refunded ₹ 3.69 crores to all its 125 members and 20 applicants,
and has withheld refunds worth of ₹ 2.68 crores payable to 4 members, in whose cases, the Board
of UCX had decided to keep the refund in abeyance on the ground of certain unresolved/ pending
issues. Subsequently, UCX completed refunding their membership liabilities thereby refunding the
entire BMC and TMC (both cash and non-cash components) to all the members.
3.11 Developments at ICEX:
• A meeting was held by the Commission on 21st May, 2015 with the Directors and representatives of
shareholders of the Exchange which was also attended by the CFO of the Exchange. During the
meeting, the Commission apprised the participants about the policy directive issued on 19th May,
2015 in respect of refund of BMC & TMC to the members and the possibility of withdrawal of
recognition and registration in the event of non-revival of trading by an Exchange. There has been
no trading on the Exchange platform since 1st April, 2014. The Exchange was asked to refund the
TMC and BMC to all its registered members and submit a compliance report after refunding the BMC
& TMC by 25th May, 2015. As on 28th May, 2015, of the total dues of ₹ 7.15 crores to 154 members,
the Exchange has refunded ₹ 7.05 crores to 149 members. Dues of ₹ 6.55 lakhs to 3 expelled
members have been withheld as per the bye-laws of the Exchange and bank details for refunds to 2
members for ₹ 3.03 lakhs are awaited. Subsequently, ICEX completed refunding their membership
liabilities thereby refunding the entire BMC and TMC (both cash and non-cash components) to all the
members.
3.12 Conversion of loan into equity capital by NC DEX:
National Commodity & Derivatives Exchange Ltd, (NCDEX) has been funding its subsidiary company,
NCDEX e Markets Limited (NeML) from time to time, which was promoted by the Exchange with a
view to broad base commodity markets by providing an online exchange platform for spot trades.
The Exchange has been extending its financial support to NeML by giving advances for business
operations and till the F.Y. 2013-14, it had advanced ₹ 35.53 crore out of which ₹ 20.45 crore had
8
been capitalized with approval of the Commission. In this regard, NCDEX had requested
Commission’s approval for conversion of remaining loans of ₹15 crore into equity capital of NeML.
The Commission on 22nd May, 2015 conveyed it’s no objection for conversion of its loan of ₹15 crore
given to the NCDEX e Markets Limited (NeML) into equity capital of NeML. However, the NCDEX
has been directed to maintain a distance in relationship with NeML in its day to day functioning.
3.13 Representation of Shareholder Directors at M CX:
a) On a review of the composition of the Board of Directors of MCX, it was observed by the Commission
that at present, the shareholders are not adequately represented on its Board. Out of total present
strength of 9 Directors, there are 6 Independent Directors while only 3 Shareholders Directors are
serving on the Board of MCX. The Exchange was therefore directed to take steps to induct at least 3
more Shareholder Directors into the Board so as to make the number of Shareholder Directors on
par with the 6 Independent Directors.
b) The Commission did not approve the proposal for appointment of Mr. Balasubramaniam
Venkataramani as Managing Director and CEO of MCX due to non-adherence to the laid down
procedures. The Commission asked the Exchange to constitute afresh the Selection Committee with
the prior approval of the Commission for the purpose of selection and appointment of new MD and
CEO of the Exchange.
3.14 The Commission had issued Show Cause Notices to Bombay Commodity Exchange Ltd., Mumbai
and the Spice and Oilseeds Exchange Ltd., Sangli on 30.06.2015, in pursuance of the circular dated
19th May, 2015 for cancellation of their registration and for recommending withdrawal of their
recognition granted under section 6 of FCRA to the Central Government.
3.15 Inspect the books of accounts of the Members :
The Commission has been inspecting the books of accounts of the Members of the National
Exchanges on a regular basis. During the quarter i) 100 audit reports were received from the Auditors
ii) 15 audit reports were sent to the Exchanges for follow up action on non-compliances observed iii)
142 audit reports were scrutinized and iv) Action were completed in 726 audit reports
3.16 Attending to Client Complaints/ Grievances
The Commission receives complaints from the clients of the members registered with recognized
exchanges. The complaints are mostly of the nature of unauthorized trades (trade without consent of
the client) in client’s account by member, contract notes/account statements not issued by the
member to the client, mis-utilization of client’s funds entrusted with the member, portfolio
management services offered by the member etc. The complaints are taken up with respective
exchanges for speedy disposal of the complaints. During the quarter 35 complaints were received
and 205 complaints in which action was complete were closed.
9
3.17 Court Cases and Legal Matters:
While discharging the regulatory functions, especially enforcement functions, the Commission had
been engaged in litigation with different parties/entities. The Commission and / or the Union of India
have been impleaded as respondent(s) in various court cases filed in the Supreme Court of India and
various High Courts / Tribunals. Significant / noteworthy developments in court cases during the
quarter are given below:
i. The Chamber Summons (L) No. 102 of 2015, filed by the Ministry of Corporate Affairs in Writ Petition
No. 2743 of 2014 FTIL Vs. Union of India and others pertaining to amalgamation of NSEL with FTIL,
was heard by the Hon’ble Bombay High Court, on 24th April, 2015. The Hon’ble Court, after a brief
hearing, considered the prayer made by the Ministry of Corporate Affairs and granted extension of
time up to 31st July, 2015 for passing the final order under section 396 of the Companies Act for
amalgamation of NSEL with FTIL.
ii. FTIL filed a Chamber Summons in its pending Writ Petition No. 2743 of 2014 pertaining to
amalgamation of NSEL with FTIL before the Hon’ble Bombay Court praying for making certain
amendments to the Petition. The matter is scheduled for hearing on 7th August, 2015.
iii. The WP/337/2014 filed by FTIL before the Hon’ble Bombay High Court against the ‘FMC’s Fit and
Proper person order’ dated 17th Dec. 2013 was scheduled on 29th April 2015. However, FTIL made
a mentioned of the said case on 27th April. 2015 and requested for an adjournment. The Hon’ble High
Court considered the request of the Petitioner (FTIL) and adjourned the matter to 15th June, 2015 for
final hearing, however, the same did not come up for hearing on that day.
10
4. PERFORMANCE OF THE EXCHANGES IN THE COMMODITY MARKET
I. Multi Commodity Exchange of India Ltd., Mumbai ( MCX)
During the period under review, Crude Oil, Gold, Silver, Copper, Natural Gas, Zinc, Nickel, Lead,
Aluminium contracts constituted a major share of the value of commodities traded at the MCX,
Mumbai. The following table and pie-chart indicates the % share of major commodities traded at
MCX, Mumbai during the period under review.
Commodities Total Value
(In ₹ Crores) % Share to the Total
Value Crude Oil 415,932 30.63% Gold 250,408 18.44% Silver 228,275 16.81% Copper 98,458 7.25% Natural Gas 65,603 4.83% Zinc 87,017 6.41% Nickel 70,238 5.17% Lead 66,851 4.92% Aluminium 38,859 2.86% Total of major commodities 1,321,639 97.33% Other commodities 36,238 2.67% Total 1,357,877 100.00%
* All variants of a commodity are considered.
Graphical presentation showing the percentage share of above Commodities / Contracts is given
in the following diagram.
CRUDE OIL
30.63%
GOLD
18.44%SILVER
16.81%
COPPER
7.25%
NATURAL GAS
4.83%
ZINC
6.41%
NICKEL
5.17%
LEAD
4.92%
ALUMINIUM
2.86%
OTHER
COMMODITIES
2.67%
Percentage share of the total value of commodities traded at MCX, Mumbai during April - June, 2015
11
Graphical presentation of ready and futures prices of nine major commodities Crude Oil, Gold, Silver,
Copper, Natural Gas, Zinc, Nickel, Lead, Aluminium at MCX, Mumbai during the period under review
is provided below.
CRUDE OIL
GOLD
2500270029003100330035003700390041004300
3-A
pr-
15
10
-Ap
r-1
5
17
-Ap
r-1
5
24
-Ap
r-1
5
1-M
ay
-15
8-M
ay
-15
15
-Ma
y-1
5
22
-Ma
y-1
5
29
-Ma
y-1
5
5-J
un
-15
12
-Ju
n-1
5
19
-Ju
n-1
5
26
-Ju
n-1
5
₹ p
er
Ba
rre
l
Spot and Futures Prices of Crude Oil at MCX, Mumbai
Ready Price 20 Apr 2015 18 May 2015 19 Jun 2015 20 Jul 2015
19 Aug 2015 21 Sep 2015 19 Oct 2015 19 Nov 2015 18 Dec 2015
25000
26000
27000
28000
29000
3-A
pr-
15
10
-Ap
r-1
5
17
-Ap
r-1
5
24
-Ap
r-1
5
1-M
ay
-15
8-M
ay
-15
15
-Ma
y-1
5
22
-Ma
y-1
5
29
-Ma
y-1
5
5-J
un
-15
12
-Ju
n-1
5
19
-Ju
n-1
5
26
-Ju
n-1
5
₹ p
er
10
gra
ms
Spot and Futures Prices of Gold at MCX, Mumbai
Ready Price 05 Jun 2015 05 Aug 2015 05 Oct 2015
04 Dec 2015 05 Feb 2016 05 Apr 2016 03 Jun 2016
12
SILVER
COPPER
35000
36000
37000
38000
39000
40000
41000
42000
430003
-Ap
r-1
5
10
-Ap
r-1
5
17
-Ap
r-1
5
24
-Ap
r-1
5
1-M
ay
-15
8-M
ay
-15
15
-Ma
y-1
5
22
-Ma
y-1
5
29
-Ma
y-1
5
5-J
un
-15
12
-Ju
n-1
5
19
-Ju
n-1
5
26
-Ju
n-1
5
₹ p
er
Kg
Spot and Futures Prices of Silver at MCX, Mumbai
Ready Price 05 May 2015 03 Jul 2015 04 Sep 2015
04 Dec 2015 04 Mar 2016 05 May 2016
340
350
360
370
380
390
400
410
420
430
440
3-A
pr-
15
10
-Ap
r-1
5
17
-Ap
r-1
5
24
-Ap
r-1
5
1-M
ay
-15
8-M
ay
-15
15
-Ma
y-1
5
22
-Ma
y-1
5
29
-Ma
y-1
5
5-J
un
-15
12
-Ju
n-1
5
19
-Ju
n-1
5
26
-Ju
n-1
5
₹ p
er
Kg
Spot and Futures Prices of Copper at MCX, Mumbai
Ready Price 30 Apr 2015 30 Jun 2015 31 Aug 2015 30 Nov 2015
13
NATURAL GAS
ZINC
150
160
170
180
190
200
210
3-A
pr-
15
10
-Ap
r-1
5
17
-Ap
r-1
5
24
-Ap
r-1
5
1-M
ay
-15
8-M
ay
-15
15
-Ma
y-1
5
22
-Ma
y-1
5
29
-Ma
y-1
5
5-J
un
-15
12
-Ju
n-1
5
19
-Ju
n-1
5
26
-Ju
n-1
5
₹ p
er
mm
BT
U
Spot and Futures Prices of Natural Gas at MCX, Mumbai
Ready Price 27 Apr 2015 26 May 2015 25 Jun 2015
28 Jul 2015 26 Aug 2015 25 Sep 2015
120
125
130
135
140
145
150
155
3-A
pr-
15
10
-Ap
r-1
5
17
-Ap
r-1
5
24
-Ap
r-1
5
1-M
ay
-15
8-M
ay
-15
15
-Ma
y-1
5
22
-Ma
y-1
5
29
-Ma
y-1
5
5-J
un
-15
12
-Ju
n-1
5
19
-Ju
n-1
5
26
-Ju
n-1
5
₹ p
er
Kg
Spot and Futures Prices of Zinc at MCX, Mumbai
Ready Price 30 Apr 2015 31 May 2015 30 Jun 2015
31 Jul 2015 31 Aug 2015 30 Sep 2015 30 Oct 2015
14
NICKEL
LEAD
750770790810830850870890910930950
3-A
pr-
15
10
-Ap
r-1
5
17
-Ap
r-1
5
24
-Ap
r-1
5
1-M
ay-
15
8-M
ay-
15
15
-Ma
y-1
5
22
-Ma
y-1
5
29
-Ma
y-1
5
5-J
un
-15
12
-Ju
n-1
5
19
-Ju
n-1
5
26
-Ju
n-1
5
₹ p
er
Kg
Spot and Futures Prices of Nickel at MCX, Mumbai
Ready Price 30 Apr 2015 31 May 2015 30 Jun 2015
31 Jul 2015 31 Aug 2015 30 Sep 2015 30 Oct 2015
105
110
115
120
125
130
135
140
3-A
pr-
15
10
-Ap
r-1
5
17
-Ap
r-1
5
24
-Ap
r-1
5
1-M
ay
-15
8-M
ay
-15
15
-Ma
y-1
5
22
-Ma
y-1
5
29
-Ma
y-1
5
5-J
un
-15
12
-Ju
n-1
5
19
-Ju
n-1
5
26
-Ju
n-1
5
₹ p
er
Kg
Spot and Futures Prices of Lead at MCX, Mumbai
Ready Price 30 Apr 2015 31 May 2015 30 Jun 2015
31 Jul 2015 31 Aug 2015 30 Sep 2015 30 Oct 2015
15
ALUMINIUM
II. National Commodity and Derivatives Exchange, Ltd., Mumbai (NCDEX)
During the period under review Chana, Soya Oil, RM Seed, Guarseed10, Coriander, Castor
seed, Jeera, Soya bean, Turmeric, and Guar gum constituted a major share of the value of
commodities traded at NCDEX, Mumbai. The following table and pie-chart indicates the %
share of major commodities traded at NCDEX, Mumbai during the period under review.
Commodities Total Value (In ₹ Crore)
% Share of the Total Value
Chana 67,893.42 21.48
Soya Oil 35,436.47 11.21
RM Seed 34,637.25 10.96
Guar seed 10 31,532.78 9.98
Coriander 29,188.46 9.23
Castor Seed New 25,076.73 7.93
Jeera 24,292.77 7.69
Soya bean 23,847.10 7.54
Turmeric 11,222.96 3.55
Guar Gum 11,201.47 3.54
Total of major commodities 294,329.41 93.11
Other Commodities 21,769.78 6.89
Total 316,099.20 100.00
105
110
115
120
1253
-Ap
r-1
5
10
-Ap
r-1
5
17
-Ap
r-1
5
24
-Ap
r-1
5
1-M
ay
-15
8-M
ay
-15
15
-Ma
y-1
5
22
-Ma
y-1
5
29
-Ma
y-1
5
5-J
un
-15
12
-Ju
n-1
5
19
-Ju
n-1
5
26
-Ju
n-1
5
₹ p
er
Kg
Spot and Futures Prices of Aluminium at MCX, Mumbai
Ready Price 30 Apr 2015 31 May 2015 30 Jun 2015
31 Jul 2015 31 Aug 2015 30 Sep 2015 30 Oct 2015
16
Graphical Presentation of ready and future prices of ten major commodities Chana, Soya Oil, RM Seed,
Guarseed10, Coriander, Castor seed, Jeera, Soya bean, Turmeric, and Guar gum at NCDEX, Mumbai
during the period under review is given below:
CHANA
CHANA21.48%
SOYA_OIL11.21%
RMSEED10.96%
GUARSEED109.98%
CORIANDER9.23%
CASTOR_SEED_NEW7.93%
JEERA7.69%
SOYABEAN7.54%
TURMERIC3.55%
GUAR_GUM3.54%
Other Commodities6.89%
PERCENTAGE SHARE OF THE VALUE OF THE COMMODITIES TRADED AT NCDEX,MUMBAI DURING APRIL 2015 TO JUNE 2015
CHANA SOYA_OIL RMSEED GUARSEED10CORIANDER CASTOR_SEED_NEW JEERA SOYABEANTURMERIC GUAR_GUM Other Commodities
3600
3975
4350
4725
5100
₹ P
ER
100
KG
SPOT & FUTURES PRICES OF CHANA TRADED AT NCDEX
SPOT 20-Apr-2015 20-May-2015 19-Jun-201520-Jul-2015 20-Aug-2015 18-Sep-2015 20-Oct-2015
17
SOYA OIL
RM SEED
530
555
580
605
630
₹ P
ER
10
KG
SPOT & FUTURES PRICES OF SOYA OIL TRADED AT NCDEX
SPOT 20-Apr-2015 19-Jun-2015 20-Aug-201520-Oct-2015 20-Nov-2015 18-Dec-2015
3400
3675
3950
4225
4500
₹ P
ER
100
KG
SPOT & FUTURES PRICES OF RM SEED TRADED AT NCDEX
SPOT 20-Apr-2015 20-May-2015 19-Jun-201520-Jul-2015 20-Aug-2015 18-Sep-2015 20-Oct-2015
18
GUARSEED10
CORIANDER
3800
4200
4600
5000
5400
₹ P
ER
100
KG
SPOT & FUTURES PRICES OF GUARSEED10 TRADED AT NCDEX
SPOT 20-Apr-2015 20-May-2015 19-Jun-2015
20-Jul-2015 20-Oct-2015 20-Nov-2015 18-Dec-2015
8300
9700
11100
12500
13900
₹ P
ER
100
KG
SPOT & FUTURES PRICES OF CORIANDER TRADED AT NCDEX
SPOT 20-Apr-2015 20-May-2015 19-Jun-201520-Jul-2015 20-Aug-2015 18-Sep-2015 20-Oct-2015
19
CASTOR SEED
JEERA
3500
3750
4000
4250
4500
₹ P
ER
100
KG
SPOT & FUTURES PRICES OF CASTORSEED TRADED AT NCDEX
SPOT 20-Apr-2015 20-May-2015 19-Jun-201520-Jul-2015 20-Aug-2015 18-Sep-2015 20-Oct-2015
14500
15875
17250
18625
20000
₹ P
ER
100
KG
SPOT & FUTURES PRICES OF JEERA TRADED AT NCDEX
SPOT 20-Apr-2015 20-May-2015 19-Jun-2015
20-Jul-2015 20-Aug-2015 18-Sep-2015 20-Oct-2015
20
SOYA BEAN
TURMERIC
3200
3500
3800
4100
4400
₹ P
ER
100
KG
SPOT & FUTURES PRICES OF SOYA BEAN TRADED AT NCDEX
SPOT 20-Apr-2015 19-Jun-2015 20-Aug-2015
20-Oct-2015 20-Nov-2015 18-Dec-2015 20-Jan-2016
7000
7475
7950
8425
8900
₹ P
ER
100
KG
SPOT & FUTURES PRICES OF TURMERIC TRADED AT NCDEX
SPOT 20-Apr-2015 20-May-2015 19-Jun-201520-Jul-2015 20-Aug-2015 18-Sep-2015 20-Oct-2015
21
GUAR GUM
III. National Multi Commodity Exchange, Ahmadabad ( NMCE)
During the period under review Castor seed, Rape/Mustard seed, Chana, Raw Jute and Isabgul
seed constituted a major share of the value of commodities traded at NMCE, Ahmedabad. The
following table and the pie-chart indicate the percentage share of major commodities traded at
NMCE, Ahmedabad during the period under review.
Name of Commodity Group Total Value (in ₹ crore)
% Share to the Total Value
Castor Seed 10 MT 2111.63 23.71
Rape/Mustard Seed 1742.17 19.56
Chana 1497.41 16.81
Raw Jute 1436.98 16.13
Isabgul Seed 1088.78 12.23
Total of major commodities 7876.97 88.44
Others 1029.11 11.56
Total 8906.09 100.00
8400
9625
10850
12075
13300
₹ P
ER
100
KG
SPOT & FUTURES PRICES OF GUAR GUM TRADED AT NCDEX
SPOT 20-Apr-2015 20-May-2015 19-Jun-2015
20-Jul-2015 20-Oct-2015 20-Nov-2015 18-Dec-2015
22
Graphical presentation of ready and futures prices of five major commodities viz. Castor seed,
Rape/Mustard seed, Chana, Raw Jute and Isabgul seed at NMCE, Ahmedabad during the period under
review is given below.
CASTOR SEED 10 MT
CASTOR SEED 10 MT
23.71%
RAPE/MUSTARD SEED
19.56%
CHANA
16.81%
RAW JUTE
16.13%
ISABGULSEED
12.23%
OTHERS
11.56%
PERCENTAGE SHARE TO THE TOTAL VALUE OF THE COMMODITIES TRADED AT NMCE., AHMEDABAD
DURING APRIL 2015 TO JUNE 2015
CASTOR SEED 10 MT RAPE/MUSTARD SEED CHANARAW JUTE ISABGULSEED OTHERS
3200.00
3400.00
3600.00
3800.00
4000.00
4200.00
4400.00
01
-Ap
r-1
5
08
-Ap
r-1
5
15
-Ap
r-1
5
22
-Ap
r-1
5
29
-Ap
r-1
5
06
-Ma
y-1
5
13
-Ma
y-1
5
20
-Ma
y-1
5
27
-Ma
y-1
5
03
-Ju
n-1
5
10
-Ju
n-1
5
17
-Ju
n-1
5
24
-Ju
n-1
5
₹ P
ER
10
0 K
G
SPOT AND FUTURE PRICES OF CASTOR SEED 10 MT FUTURES AT NMCE, AHMEDABAD
SPOT PRICE CSTAPR2015 CSTMAY2015 CSTJUN2015 CSTJUL2015 CSTAUG2015
23
RAPE/MUSTARD SEED
CHANA
600.00
650.00
700.00
750.00
800.00
850.000
1-A
pr-
15
08
-Ap
r-1
5
15
-Ap
r-1
5
22
-Ap
r-1
5
29
-Ap
r-1
5
06
-Ma
y-1
5
13
-Ma
y-1
5
20
-Ma
y-1
5
27
-Ma
y-1
5
03
-Ju
n-1
5
10
-Ju
n-1
5
17
-Ju
n-1
5
24
-Ju
n-1
5
₹ P
ER
20
KG
.
SPOT AND FUTURE PRICES OF RAPE MUSTARD SEED FUTURES AT NMCE, AHMEDABAD
SPOT PRICE RPSAPR2015 RPSMAY2015 RPSJUN2015 RPSJUL2015 RPSAUG2015
3500.00
3700.00
3900.00
4100.00
4300.00
4500.00
4700.00
4900.00
01
-Ap
r-1
5
08
-Ap
r-1
5
15
-Ap
r-1
5
22
-Ap
r-1
5
29
-Ap
r-1
5
06
-Ma
y-1
5
13
-Ma
y-1
5
20
-Ma
y-1
5
27
-Ma
y-1
5
03
-Ju
n-1
5
10
-Ju
n-1
5
17
-Ju
n-1
5
24
-Ju
n-1
5
₹ P
ER
10
0K
G.
SPOT AND FUTURE PRICES OF CHANA FUTURES AT NMCE, AHMEDABAD
SPOT PRICE CHNAPR2015 CHNMAY2015 CHNJUN2015 CHNJUL2015 CHNAUG2015
24
RAW JUTE
ISABGUL SEED
3200.00
3400.00
3600.00
3800.00
4000.00
4200.00
4400.00
4600.00
01
-Ap
r-1
5
08
-Ap
r-1
5
15
-Ap
r-1
5
22
-Ap
r-1
5
29
-Ap
r-1
5
06
-Ma
y-1
5
13
-Ma
y-1
5
20
-Ma
y-1
5
27
-Ma
y-1
5
03
-Ju
n-1
5
10
-Ju
n-1
5
17
-Ju
n-1
5
24
-Ju
n-1
5
₹ P
ER
10
0 K
G.
SPOT AND FUTURE PRICES OF RAW JUTE FUTURES AT NMCE, AHMEDABAD
SPOT PRICE JUTMAR2015 JUTAPR2015 JUTMAY2015
JUTJUN2015 JUTJUL2015 JUTAUG2015
7400.00
7600.00
7800.00
8000.00
8200.00
8400.00
8600.00
8800.00
01
-Ap
r-1
5
08
-Ap
r-1
5
15
-Ap
r-1
5
22
-Ap
r-1
5
29
-Ap
r-1
5
06
-Ma
y-1
5
13
-Ma
y-1
5
20
-Ma
y-1
5
27
-Ma
y-1
5
03
-Ju
n-1
5
10
-Ju
n-1
5
17
-Ju
n-1
5
24
-Ju
n-1
5
₹ P
ER
10
0 K
G.
SPOT AND FUTURE PRICES OF ISABGULSEED FUTURES AT NMCE, AHMEDABAD
SPOT PRICE ISBAPR2015 ISBJUN2015 ISBAUG2015 ISBOCT2015
25
IV. ACE Commodities and Derivatives Exchange, Mumba i (ACE)
During the period under review Cotton 118 was the only commodity traded at ACE, Mumbai.
The following table and the pie-chart indicates the total value of Cotton 118 traded at ACE,
Mumbai during the period under review.
Commodities Total value
(In ₹ crore)
% share to the total value
Cotton 118 261.81 100
Total of major commodities 261.81 100
Graphical presentation of ready and futures prices of, Cotton 118 at ACE, Mumbai during the
period under review is given below.
COTTON 118
30,000
31,000
32,000
33,000
34,000
35,000
36,000
37,000
02-Apr 09-Apr 16-Apr 23-Apr 30-Apr 07-May 14-May 21-May 28-May
Spot
20-Apr-15
20-May-15
19-Jun-15
20-Jul-15
26
Annexure I
List of Commodities Notified Under Section 15 of th e F.C. (R) Act 1952.
Sr. No. Commodity Sr. No. Commodity
(I) Food Grains and Pulses II Oilseeds and Oils
1 Arhar Chuni 30 Cottonseed Oil
2 Bajra 31 Cottonseed Oilcake
3 Barley 32 CPO Refined
4 Gram 33 Crude Palm Oil
5 Gram Dal 34 Crude Palm Olive
6 Guar 35 Groundnut
7 Jowar 36 Groundnut Oil
8 Kulthi 37 Groundnut Oilcake
9 Lakh (Khesari) 38 Linseed
10 Maize 39 Linseed oil
11 Masur 40 Linseed Oilcake
12 Moth 41 Rapeseed Oil/Mustard Oil
13 Mung 42 Rapeseed Oilcake/ Mustardseed Oilcake
14 Mung Chuni 43 Rapeseed/Mustard seed
15 Mung Dal 44 RBD Palmolein
16 Peas 45 Rice Bran
17 Ragi 46 Rice Bran Oil
18 Rice or Paddy 47 Rice Bran Oilcake
19 Small Millets (Kodan Kulti, Kodra, Korra, Vargu, Sawan, Rala, Kakun, Samai, Vari & Banti)
48 Safflower
20 Tur Dal (Arhar Dal) 49 Safflower Oil
21 Tur(Arhar) 50 Safflower Oilcake
22 Urad (Mash) 51 Sesame (Til or Jiljilli)
23 Urad dal 52 Sesame Oil
24 Wheat 53 Sesame Oilcake
(II) Oilseeds and Oils 54 Soy meal
25 Celery seed 55 Soy Oil
26 Copra Oil/Coconut Oil 56 Soybean
27 Copra Oilcake / Coconut Oilcake
57 Sunflower Oil
28 Copra/ Coconut 58 Sunflower Oil cake
29 Copra oil cake/Coconut Oil 59 Sunflower Seed
III Spices (VI) Others
27
Sr. No. Commodity Sr. No. Commodity
60 Aniseed 88 Camphor
61 Betel nuts 89 Castor seed
62 Cardamom 90 Chara or Berseem (including
chara seed or berseem seed)
63 Chillies 91 Crude Oil
64 Cinnamon 92 Gram Husk (Gram Chilka)
65 Cloves 93 Gur
66 Coriander seed 94 Khandsari Sugar
67 Ginger 95 Polymer
68 Methi 96 Potato
69 Nutmegs 97 Rubber
70 Pepper 98 Seedlac
71 Turmeric 99 Shellac
IV Metals 100 Sugar
72 Copper 101 Furnace Oil
73 Zinc 102 Ethanol
74 Lead 103 Cooking Coal
75 Tin 104 Electricity
76 Gold 105 Natural Gas
77 Silver 106 Onion
78 Silver Coins 107 Carbon Credit
(V) Fibers and Manufactures 108 Thermal coal
79 Art Silk Yarn 109 Methanol
80 Cotton Cloth 110 Melted Menthol Flakes
81 Cotton pods 111 Mentha Oil
82 Cotton Yarn 112 Menthol Crystals
83 Indian Cotton (Full pressed,
half pressed or loose)
113 Iron Ore
84 Jute goods (Hessian and
Sackings and cloth and /or
bags, twines and/or yarns
manufactured by any of the
mills and/or any other
manufacturers of whatever
nature made from jute)
85 Kapas
86 Raw Jute Including Mesta
87 Staple Fiber Yarn
28
Annexure II
List of the Exchanges
Sr. No. Name of the Exchange s
A. National Multi Commodity Exchange s
1 Multi Commodity Exchange of India Ltd., Mumbai (MCX)
2 National Commodity & Derivatives Exchange Ltd., Mumbai (NCDEX)
3 ACE Derivatives and Commodity Exchange, Mumbai. (ACE)
4 National Multi Commodity Exchange of India Ltd., Ahmedabad (NMCE)
5 Indian Commodity Exchange Ltd., Mumbai (ICEX)
6 Universal Commodity Exchange Ltd, Navi Mumbai (UCX)
B. Commodity Specific Regional Exchange s
7 The Chamber of Commerce, Hapur
8 Rajkot Commodity Exchange Ltd., Rajkot
9 India Pepper & Spice Trade Association, Kochi
10 Bombay Commodity Exchange Ltd, Mumbai
11 Spices & Oilseeds Exchange Ltd, Sangli
12 Cotton Association of India, Mumbai
29
Annexure III
Volume & Value of Trading in Various Commodities
Sl. No Name of the Commodity Volume (In LT)
Value (In ₹crore)
I Agricultural Commodities Food Items
1 Chana/Gram 158.45 69390.83 2 Refined Soya oil 59.97 35436.48 3 Pepper 0.002 15.95 4 Jeera (Cumin seed) 13.89 24292.77 5 Red Chilli 0.23 214.89 6 Soya bean/seed 61.81 23847.10 7 Rape/Mustard Seed 95.60 38586.70 8 Wheat 4.33 644.32 9 Turmeric 14.12 11222.96
10 Sugar 11.22 2664.58 11 Cardamom 0.10 819.69 12 Maize Feed 2.45 288.46 13 Barey 7.69 952.83 14 Coriander/Dhaniya 25.88 29188.47 15 Crude Palm Oil 19.62 8796.97 16 Copra 0.42 429.11 (A) Total of Above 475.78 246792.08
Non Food Items 17 Guar seed 65.44 31549.08 18 Mentha Oil 1.81 18038.39 19 Castor seed 70.03 27621.41 20 Guar Gum 9.99 11201.48 21 Kapas 4.74 2098.36 22 Rubber 0.45 583.67 23 Raw jute 3.72 1436.98 24 Cotton seed Oilcake / Kapasia Khali 46.17 8397.96 25 Isabgul Seed 1.32 1088.78 26 Cotton 9.29 8850.38 (B) Total of Above 212.96 110866.48
(A+ B) Total Agri -Commodities 688.74 357658.56 II Bullion 1 Gold 0.01 255557.99 2 Silver 0.61 229628.10 Total of Bullion 0.62 485186.09
III Metals 184.65 361421.65 IV Energy (excluding Natural gas volume ) 1542.57 481534.32
Grand Total (I to IV) (excluding Natural gas volume ) 2416.58 1685800.61
30
Annexure IV
Details of permissions granted to the National Exch anges
Exchange Commodity Contract Months (Futures contracts)
Date of permission
MCX, Mumbai
Gold Global July 2015, September 2015, November 2015, January 2016 and March 2016
10.6.2015
Silver Global June 2015, August 2015, November 2015, February 2016, April 2016
10.6.2015