The daily turnover in rubber futures contracts on India's commodity bourse the National Multi-Commodity Exchange (NMCE) has crossed Rs 1 billion (US$21.59 million) mark for last two consecutive days - for the first time since December 2008 when the commodity was re-launched.
"The exchange has witnessed the highest-ever daily turnover of over Rs 1 billion in rubber contracts since the government lifted the ban on the commodity in December 2008," exchange's Managing Director and CEO Kailash Gupta told PTI.
The government had suspended futures trading in rubber on May 6, 2008, for nearly seven months to curb speculation and avoid price rise.
Gupta said: "The rise in daily turnover is mainly due to an increased confidence in rubber trade after the commodity was re-launched."
The average daily turnover in rubber, which normally used to be in the range of Rs 400-600 million, touched a record Rs 107 crore level yesterday and the trend continued today as well, he said.
On rubber prices, he said, "The price trend is upward as the supply-demand mismatch has widened in the country due to downward revision of production estimates."
The most-traded December contract was ruling at Rs 11,925 per quintal, while the January 2010 contract was quoting Rs 12,175 per quintal on the NMCE platform.
NMCE, the third national commodity exchanges, made a business of Rs 1240 billion in this fiscal year until November 15, the official data said.
(Source: http://irco.biz)
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