It is reported that the turnover of the commodity exchange is expected to touch INR 11,000,000 crore in FY11. Mr BC Khatua chairman of Forward Markets Commission said that “The turnover of commodity exchanges is expected to be around INR 11,000,000 crore during April 2010 to March 2011 period as compared to INR 7,750,000 crore registered in the previous year.” Indian commodity bourses' turnover rose 53.4% on year to INR 7,200,000 crore in the first eight months to November. Bullion trade rose by 79.78% in value terms to INR 3,200,000 crore, and metals futures trade rose 66.56% to INR 1,700,000 crore Apr to Nov, while volumes in agri commodities rose by a little over 9%. Mr Khatua said that “The growth in agri sector remained slow this year as compared to last year, when we saw significant growth.” However, trading in gold and other bullion products, which were subdued last year, have become active due to high volatility. Asked on sugar contracts, Khatua said that the regulator have called the meeting with exchange participants this week and contracts will be launched shortly for January month. He said that “The sugar contracts are ready. We have called a meeting to decide on contracts and the January sugar contracts will be launched soon.” Replying to a query on status of iron ore contract futures by ICEX, Mr Khatua said the contract is ready except that the spot prices for the contract has not been firmed up by the exchange. He said that “We have asked the ICEX to provide us with spot price. Once that comes, we will allow the contracts. Because you can't create reference price in spot market.”

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