KARACHI: Trading volumes at the National Commodity Exchange Limited (NCEL) reached record levels in November as the total trading value rose to Rs35 billion while the number of contracts traded crossed 100,000 for the first time in a month.
In addition, a record number of brokers were active during the month with the Clearing House Settlement Guarantee Fund crossing Rs300 million. This rise in activity amounts to a 44 per cent growth over October and over 1,150 per cent growth compared to the same month of previous year.
In the current calendar year, the growth in NCEL volumes has risen to 500 per cent, while in five months (July-November) of the financial year, the actual increase in activity was close to 200 per cent.
NCEL Managing Director Samir Ahmed said, “NCEL’s continued growth is the result of rising interest from a diverse range of investors with increasing institutional participation. In addition to a wide range of contracts in gold, trading volumes have picked up significantly in silver and crude oil futures as well.”
Besides, Irri rice, palm olein and Kibor (Karachi Inter-bank Offered Rate) futures are also listed and traded on the NCEL. “The exchange is well on its way to achieving the target of listing new products in the current financial year which include cotton, sugar, wheat, maize and basmati rice along with currency futures,” a statement said.
NCEL is Pakistan’s first and only commodity and futures exchange. It is also the only demutualised exchange with 100 per cent institutional shareholders.
Published in The Express Tribune, December 3rd, 2010.
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