LAHORE: Trading volumes at National Commodity Exchange Limited (NCEL) reached new record levels during November with total traded value amounting to Rs 35 billion. Total number of contracts traded exceeded the 100,000 barrier for the first time.
In addition, a record number of brokers were active during the month with the clearinghouse settlement guarantee fund crossing the Rs 300 million mark. This rise in activity amounts to 44 percent growth over the previous month and over 1,150 percent from the same time last year. Over the current calendar year, NCEL volume growth so far equates to 500 percent while in the five month of the current financial year, the actual increase in activity is close to 200 percent.
NCEL Managing Director Samir Ahmed stated, “Our continued growth is the result of greater interest on the part of a diverse range of investors, particularly 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.”
In addition, IRRI rice, palm oil and KIBOR interest rate futures are also listed and traded on NCEL. The exchange is well on its way to achieving its target of listing new products in the current financial year including cotton, sugar, wheat, maize and basmati rice along with currency futures.
NCEL is Pakistan’s first and only commodity and futures exchange. It is also Pakistan’s first and only demutualised exchange with 100 percent institutional shareholders, including National Bank of Pakistan, Zarai Taraqiati Bank and Pak-Kuwait Investment NCEL is licensed and regulated by the Securities and Exchange Commission of Pakistan.
