Mumbai (Maharashtra) [India], May 4 (ANI): National Commodity and Derivatives Exchange (NCDEX) said on Tuesday it posted an all-round increase in operations with market share crossing 80 per cent in April.
The performance shows a strong resilience to disruptions in agri-ecosystem due to Covid-19 pandemic, it said.
The average daily turnover value (ADTV) more than quadrupled to Rs 2,905 crore in April from Rs 698 crore in the same month a year ago. The average open interest too registered an increase of 92 per cent year-on-year to 8.76 lakh tonnes. The exchange delivered 44,646 tonnes of commodities in April, marking an increase of 43.58 per cent year-on-year.
Refined soy oil, RM seed, chana, soybean and cotton seed oilcake were the top-traded derivatives contracts. The ADTV in refined soy oil was Rs 685 crore, making it the country’s top-traded agri-derivative contract in April.
For RM seed, the ADTV was at Rs 551 crore. Contracts in chana, soybean and cotton seed oilcake posted ADTV of Rs 506 crore, Rs 474 crore and Rs 246 crore respectively.
“Agri-derivatives markets are primarily for risk management by farmers, processors and traders,” said Kapil Dev, Chief of Business and Products.
“An astounding growth in our volumes since last few months and April in particular indicates that agri value chain participants have been using the NCDEX platform more aggressively for hedging during the extremely volatile agri-commodity market,” he said.
More importantly, said Dev, the multi-fold rise in volume reflects tremendous trust shown by market participants despite various challenges being raised by the resurgence of virus.
NCDEX is a leading agricultural commodity exchange in India which offers services across the entire post-harvest agricultural commodities value chain. (ANI)