Indian Exchange Says It's World's Second-Largest Market for Gas
by Thomas Kutty Abraham
Sept. 27 (Bloomberg) -- India's Multi Commodity Exchange said it has become the world's second largest in trading natural gas futures contracts, trailing the New York Mercantile Exchange.
The number of contracts traded at the Mumbai-based exchange rose to a daily average 546,150 lots of 500 million British thermal units in August, the Multi Commodity Exchange said in a statement. That was 25 percent of Nymex's average daily volume of 2.32 million lots in the same period, it said.
``We are ahead of the Intercontinental Exchange, which is now the third largest,'' said Jacqueline Patel, the exchange's spokeswoman.
The average daily turnover of natural gas futures quadrupled to 4.4 billion rupees ($96 million) in August from July, the exchange said.
Multi Commodity Exchange currently offers three contracts in natural gas. It also has a tie-up with the New York Mercantile exchange under which it will be licensed to offer contracts in India from Nymex, the world's largest energy market, including the benchmark West Texas Intermediate light, sweet crude oil, natural gas, heating oil, gasoline and propane futures.
The Multi Commodity Exchange, which trades 70 commodities in the world's second-fastest-growing major economy, records an average daily turnover of 70 billion rupees, according to data provided by the bourse.
To contact the reporter on this story: Thomas Kutty Abraham in Mumbai at tabraham4@bloomberg.net
Last Updated: September 27, 2006 05:37 EDT |
