MCX ranks 2nd in natural gas trading
The Multi Commodity Exchange of India (MCX) now ranks second only to Nymex in natural gas in terms of volumes traded, the company announced on Wednesday.
MUMBAI: The Multi Commodity Exchange of India (MCX) now ranks second only to Nymex in natural gas in terms of volumes traded, the company announced on Wednesday.
The exchange launched its natural gas futures for trading on July 10, ’06. Within two months of its launch, the traded lots have reached 546,150, which is 25% of Nymex volume. The number of participants has also more than doubled to 514 per day in August from 250 per day in July. Daily average turnover of natural gas futures at MCX increased to Rs 436.91 crore in August ’06 from Rs 103.30 crore in July this year.
“In a scenario where gas supplies are increasingly becoming more inclined towards benchmarking domestic prices on the basis of international market, MCX has provided a platform to players in the gas ecosystem to hedge their price risk,” said Jignesh Shah, CEO and MD, MCX.
The exchange launched its natural gas futures for trading on July 10, ’06. Within two months of its launch, the traded lots have reached 546,150, which is 25% of Nymex volume. The number of participants has also more than doubled to 514 per day in August from 250 per day in July. Daily average turnover of natural gas futures at MCX increased to Rs 436.91 crore in August ’06 from Rs 103.30 crore in July this year.
“In a scenario where gas supplies are increasingly becoming more inclined towards benchmarking domestic prices on the basis of international market, MCX has provided a platform to players in the gas ecosystem to hedge their price risk,” said Jignesh Shah, CEO and MD, MCX.
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