It is important to understand commodity exchanges are institutions and it provides a platform for trading in ‘commodity futures’ and it functions in same manner as Stock markets provide space for trading in equities and their derivatives. They thus play a critical role in robust price discovery where several buyers and sellers interact and determine the most efficient price for the product. Indian commodity exchanges offer trading in ‘commodity futures’ in a number of commodities. Presently, the regulator, Forward Markets Commission allows futures trading in over 120 commodities. There are two types of commodity exchanges in the country- 3 national level and 21 regional.
MCX stands for Multi Commodity Exchange of India Limited and is headquartered at Mumbai. It is state-of-the-art electronic commodity futures exchange. The demutualised Exchange is set up by Financial Technologies (India) Ltd (FTIL) and it has permanent recognition from the Government of India to facilitate online trading, and clearing and settlement operations for commodity futures across the country. It started its operations in November 2003 and now it has a market share of over 80% of the Indian commodity futures market, and has more than 2000 registered members operating through over 100,000 trader work stations, across India. It is pertinent to note that Exchange has also emerged as the sixth largest and amongst the fastest growing commodity futures exchange in the world, in terms of the number of contracts traded in 2009.
The timings for the trade at the exchange are as stated below:
MCX Commodity Trading Timings
| Normal Session | Agri | Monday to Friday | 10:00 AM TO 05:00 PM |
| Normal Session | Agri | Saturday | 10:00 AM TO 02:00 PM |
| Normal Session | Non-Agri | Monday to Friday* | 10:00 AM TO 11:30 PM |
| Normal Session | Non-Agri | Saturday | 10:00 AM TO 02:00 PM |
| Special Session | All Commodities | Monday to Saturday | 09:45 AM TO 09:59 AM |
* Typically between November and March, the trade timings are extended upto 11:55 P.M on account of day light saving. Though, timings may vary on exchange discretion.
National Commodity & Derivatives Exchange Limited (NCDEX) is a national level on-line multi commodity exchange which commenced operations on December 15, 2003. It offers futures trading in both agriculture and non-agriculture commodities. The Exchange has eight shareholders: Canara Bank, CRISIL Limited, ICICI Bank Limited, IFFCO, LIC, NABARD, NSE and PNB. All the shareholders bring along with them expertise in closely related fields such as risk management (CRISIL), rural bank network (Canara Bank in the south and PNB in the north), technology (ICICI Bank), agriculture (NABARD), on-line trading technology and derivative trading (NSE), market reach (IFFCO which has the largest number of farm cooperatives) and expertise in institution building (LIC).
NCDEX Commodity Trading Timings
| Normal Session | Agri and Coal | Monday to Friday | 10:00A.M TO 05:00P.M |
| Normal Session | | Saturday | 10:00A.M TO 02:00P.M |
| Normal Session | Non-Agri | Monday to Friday | 10:00A.M TO 11:55P.M |
| Intra day square off | Not Allowed | Not Allowed | Not Allowed |
| Off line order Timing | Not Allowed | Not Allowed | Not Allowed |
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Disclaimer: All the timings are compiled from deemed reliable and it is accurate to best of our knowledge and we cannot be held liable for any error or omission.
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