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

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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

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5

29

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5-J

un

-15

12

-Ju

n-1

5

19

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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

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r-1

5

1-M

ay

-15

8-M

ay

-15

15

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y-1

5

22

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y-1

5

29

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5

5-J

un

-15

12

-Ju

n-1

5

19

-Ju

n-1

5

26

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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

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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