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commodity_market

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INTRODUCTION

Many people have become very rich in the commodity markets. It is one of a few investment areas where an individual with limited capital can make extraordinary profits in a relatively short period of time. For example, Richard Dennis borrowed $1,600 and turned it into a $200 million fortune in about ten years. Nevertheless, because most people lose money, commodity trading has a bad reputation as being too risky for the average individual. The truth is that commodity trading is only as risky as you want to make it. Those who treat trading as a get-rich-quick scheme are likely to lose because they have to take big risks. If you act prudently, treat your trading like a business instead of a giant gambling casino and are willing to settle for a reasonable return, the risks are acceptable. The probability of success is excellent. The process of trading commodities is also known as futures trading. Unlike other kinds of investments, such as stocks and bonds, when you trade futures, you do not actually buy anything or own anything. You are speculating on the future direction of the price in the commodity you are trading. This is like a bet on future price direction. The terms "buy" and "sell" merely indicate the direction you expect future prices will take. If, for instance, you were speculating in corn, you would buy a futures contract if you thought the price would be going up in the future. You would sell a futures contract if you thought the price would go down. For every trade, there is always a buyer and a seller. Neither person has to own any corn to participate. He must only deposit sufficient capital with a brokerage firm to insure that he will be able to pay the losses if his trades lose money. In addition to speculators, both the commodity's commercial producers and commercial consumers also participate. The principal economic purpose of the futures markets is for these commercial participants to eliminate their risk from changing prices. On one side of a transaction may be a producer like a farmer. He has a field full of corn growing on his farm. It won't be ready for harvest for another three months. If he is worried about the price going down during that time, he can sell futures contracts equivalent to the size of his crop and deliver his corn to fulfill his obligation under the contract. Regardless of how the price of corn changes in the three months until his crop will be ready for delivery, he is guaranteed to be paid the current price. On the other side of the transaction might be a producer such as a cereal manufacturer who needs to buy lots of corn. The manufacturer, such as Kellogg, may be concerned that in the next three months the price of corn will go up, and it will have to pay more than the current price. To protect against this, Kellogg can buy futures contracts at the current price. In three months Kellogg can fulfill its obligation under the contracts by taking delivery of the corn. This guarantees that regardless of how the price moves in the next three months, Kellogg will pay no more than the current price for its corn. In addition to agricultural commodities, there are futures for financial instruments and intangibles such as currencies, bonds and stock market indexes. Each futures market has producers and consumers who need to hedge their risk from future price changes. The speculators, who do not actually deal in the physical commodities, are there to provide liquidity. This maintains an orderly market where price changes from one trade to the next are small.

Retail investors should understand the risks and advantages of trading in . Money & Securities. COMMODITY A commodity may be defined as an article. Now. Its development and growth was shunted due to numerous restrictions earlier. futures markets trades in commodity are largely used as risk management (hedging) mechanism on either physical commodity itself or open positions in commodity stock. he will lose. arbitrageurs and speculators. The article aims at know how of the commodities market and how the commodities traded on the exchange. Retail investors. who claim to understand the equity markets. If not. The idea is to understand the importance of commodity derivatives and learn about the market from Indian point of view. a commodity based economy where two-third of the one billion population depends on agricultural commodities. But commodities are easy to understand as far as fundamentals of demand and supply are concerned. he will profit. the speculator merely offsets his position at some time before the date set for future delivery. with most of these restrictions being removed. there is tremendous potential for growth of this market in the country.Rather than taking delivery or making delivery. 1. For instance. Commodities actually offer immense potential to become a separate asset class for market-savvy investors. In fact it was one of the most vibrant markets till early 70s. surprisingly has an under developed commodity market. If price has moved in the right direction. except Actionable Claims. Commodity and Commodities market INTRODUCTION India. Unlike the physical market. a jeweler can hedge his inventory against perceived short-term downturn in gold prices by going short in the future markets. It can be classified as every kind of movable property. a product or material that is bought and sold. may find commodities an unfathomable market.

coffee etc. But the most notable futures exchange for wheat was chamber of commerce at Hapur set up in 1913. was established in 1919 for futures trading in raw jute and jute goods. the various commodities across the country clock an annual turnover of Rs 1. Currently. Historically. 20. to conduct organized trading in both Raw Jute and Jute goods..000 crore (Rs 1. It is the market where a wide range of products. Futures trading in bullion began in Mumbai in 1920. thus providing an efficient portfolio diversification option. take speculative positions in commodities and exploit arbitrage opportunities in the market. But organized futures trading in raw jute began only in 1927 with the establishment of East Indian Jute Association Ltd.3 billion). viz. Of the country's GDP of Rs 13. was established in 1893 following the widespread discontent amongst leading cotton mill owners and merchants over functioning of Bombay Cotton Trade Association. active and liquid commodity market. base metals. commodities related (and dependent) industries constitute about 58 per cent. the size of the commodities markets in India is also quite significant. are traded. was the first organized futures market.730 crore (Rs 13. energy and soft commodities like palm oil. Calcutta Hessian Exchange Ltd. which carried on futures trading in groundnut. With the introduction of futures trading. set up in 1875. 40.400 billion).commodities futures before taking a leap. COMMODITY MARKET Commodity market is an important constituent of the financial markets of any country. The Futures trading in oilseeds started in 1900 with the establishment of the Gujarati Vyapari Mandali. ITS EVOLUTION IN INDIA Bombay Cotton Trade Association Ltd. Futures' trading in wheat was existent at several places in Punjab and Uttar Pradesh. precious metals. In fact. Forward Contracts (Regulation) Act was enacted in 1952 and the Forwards Markets Commission (FMC) was established in 1953 under the Ministry of Consumer Affairs and .207.. This would help investors hedge their commodity risk. It is important to develop a vibrant. the size of the commodities market grows many folds here on. These two associations amalgamated in 1945 to form the East India Jute & Hessian Ltd. pricing in commodities futures has been less volatile compared with equity and bonds. castor seed and cotton. crude oil. Bombay Cotton Exchange Ltd.

screen based trading system for trading. They are: Multi Commodity Exchange (MCX) located at Mumbai. an OPEC oil cut. National Multi Commodity Exchange (NMCE) located at Ahmedabad. similar to the BSE & NSE. . Consequently four commodity exchanges have been approved to commence business in this regard. The Forward Markets Commission (FMC) will regulate these exchanges. For example. ranging from the precious metals of gold and silver to sugar and soybeans. This brings itself to around 3 times the volume of equity traded. Trading oil isn't as much trading oil as it is the fundamentals that are involved. But. National Commodity and Derivatives Exchange Ltd (NCDEX) located at Mumbai. now a days because of people s affection towards gold and silver even commodity trading has been increasing. National Board of Trade (NBOT) located at Indore. a terrorist attack overseas. several other exchanges were created in the country to trade in diverse commodities. Leading commodity markets of India The government has now allowed national commodity exchanges. In India equity trading had always been one of the greatest boosters. of India supervises the regulatory authority Forward Markets Commission (FMC) which is a statutory authority established in 1953 under Forward Contracts (Regulation) Act. it takes a lot of nerve to stay in the market when it makes it wild moves. to come up and let them deal in commodity derivatives in an electronic trading environment.Public Distribution. The Ministry of Consumer Affairs and Public Distribution. Commodities represent virtually every raw material. In due course. These exchanges are expected to offer a nation-wide anonymous. FMC regulates Commodity trading in India. The commodities market is a very volatile market due to the overwhelming number of fundamental and technical factors that play into it. order driven. Govt. Commodities traders are some of the most resilient investors. or a natural disaster can all play into the price of oil around the world.

. Different segments in Commodities market The commodities market exits in two distinct forms namely the Over the Counter (OTC) market andthe Exchange based market. In the next 5 years the commodity market is expected to grow by 40%. the London Metal Exchange (LME) and the Chicago Board of Trade (CBOT). It is the worlds first and fore most also one and only company acquired ISO 27001:2005 certification National Multi-Commodity Exchange of India Limited (NMCE): It was declared a National status in November 2002 on permanent basis by Govt. future supply of a commodity on particular date and price. The Meerut Agro Commodities Exchange Co. as in equities. And is considered to be first De-Mutualised Electronic Exchange National Commodity & Derivatives Exchange Limited (NCDEX): It is a private limited company which has obtained Certificate for Commencement of Business in Mat 2003 and is online commodity exchange based in India. Leading commodity markets of world Some of the leading exchanges of the world are New York Mercantile Exchange (NYMEX). and other agricultural commodities. The Bombay Commodity Exchange Ltd. Ltd. The few majors in commodity exchanges are: MCX(Multi Commodity Exchange of India Ltd..Mumbai.. Contract Expiry date is the predicted future date and the contract size is fixed quantity.e. Derivative trading takes place through exchangebased markets with standardized contracts. Meerut. bullion. Also.Commodity future is the prediction of a commodity i. processor. settlements etc. of India. and many more. The List of exchanges in India are: Bhatinda Om & Oil Exchange Ltd. Due to the introduction of commodities future the total of retail traders taking part in market has been gradually increasing. oil seeds. The Rajkot Seeds oil & Bullion Merchants` Association Ltd. . Ahmedabad Commodity Exchange Ltd..): MCX presents futures trading defined in terms of type of contracts offered in 58 commodities. wholesaler etc. there exists the spot and the derivatives segment. iron and non-iron metals. Batinda. The spot markets are essentially over the counter markets and the participation is restricted to people who are involved with that commodity say the farmer. from various market segments including energy.

Liberal policies in commodity trading will definitely boost the commodity trading. Policy reforms and liberal government policies have ensured that this sector is growing at a good pace. Some of the reasons attributed to the growth of retail sector in India include the large population of the country who has an increased purchasing power in their hand. The Government has made almost all commodities entitled for futures trading. Another factor is the heavy inflow of foreign direct investment in this sector. in the present scenario.Global Scenario . The commodities and future market in the country is regulated by Forward Markets commission (FMC). traditionally dealt with framers and manufacturers of goods. their roles have changed to a large extent due to the enormous growth that the economy has witnessed. Wholesale Market The wholesale market in India. then selling it to retailers who in turn sold it to consumers does not seem feasible today. an important component of the India commodity market. The three national exchanges in India are: y y y Multi Commodity Exchange (MCX) National Commodity and Derivatives Exchange (NCDEX) National Multi-Commodity Exchange (NMCE) Commodity trading in India is still at its early days and thus requires an aggressive growth plan with innovative ideas. However. Three multi commodity exchanges have been set up in the country to facilitate this for the retail investors. The lengthy process of wholesalers buying from manufacturers. Retail Market The retail market in India is currently witnessing a boom. bonds and portfolios. the need for a wholesale market is gradually diminishing. India Commodity Market . The growth in the India commodity market is largely attributed to this boom in the retail market. An improvement in the transport facility has made the interaction between the retailer and manufacturer easier. More than 80% of the retail industry in the country is concentrated in large cities.Commodity Trading Commodity trading is an interesting option for those who wish to diversify from the traditional options like shares.

Commodity trading like any other form of trading is similar in concept only thing here . if investors agree that oil is worth $140 per barrel. US consumers will be willing to pay more for oil than Saudi Arabia as the supply is different. Except gold the share in other sectors of the commodity market is not very significant. What are Commodities Exactly? The commodities markets are where traders and producers of the world's natural resources come together to find a standard market value for each product. India accounts for 3% of the global oil demands and 2% of global copper demands. COMMODITY TRADING BASICSInvestors should always learn the basics of trading before they put their money into it. Likewise for determining price. The commodities market knows no discrimination. Commodities Markets Balance out Trade Without the commodities markets.Despite having a robust economy. buyers and sellers may or may not have practical purposes for the commodities being traded. then this will be the market value all around the world. Various infrastructure development projects that are being undertaken in India are being seen as a key growth driver in the coming days. if US consumers outbid England for Saudi oil. prices for natural resources would vary place to place all around the world. Corporations that produce raw materials often trade on the commodities market as a way to balance out the amount of money they receive for their goods. however. Why do people trade commodities? Commodities offer the ultimate volatility in intraday trading. The run up in oil prices in 2008 was mostly due to speculation. The commodities market plays a very central role in finding the true value of virtually every product by creating an equilibrium of true demand plus speculative value. then that oil will be delivered to the buyer in the United States. Corporate traders have the responsibility to ensure that wild market movements up or down do not affect the profit margins of the company at hand. This kind of obscene leverage is utilized by day traders who can multiply their gains and leverage up small amounts of money to buy a large volume of a certain commodity. The wild movements often as great as 5-10% can be leveraged throughbrokerage accounts up to 40:1. India's share in the global commodity market is not as big as estimated. the commodities markets balance out natural resources by economic feasibility. Commodities are highly speculative due to the nature of a supply and demand "economy" that is built on the ever changing market factors. In agriculture India's contribution to international trade volume is rather less compared to the huge production base available. but that does not impact price.

as well as reward the fund's creator. thus November crude oil will trade at a higher or lower price than October crude oil. Whether directly through commodities trading or in stocks that produce raw materials. metals or other then you can easily trade in commodity derivatives. Commodity trading is not just for the institutional investors but also for the retail investors though investors should always invest after having done research and having the knowledge of the market so that if there is a sudden slump in the market they are not adversely affected by it in a huge way. it is possible for any investor to expose their portfolio to commodity volatility. which trades under the ticker GLD. Commodities market also helps you in diversifying your portfolio hence if another form of investment of yours runs bad then you can always rely on the commodities market in order to maintain profits. Spot prices are the same prices across the board.we are trading in certain commodities instead of shares or foreign currencies as in other forms of trading. such as the NY Stock Exchange or NASDAQ rather than the commodities markets. There are several exchanges on which you can trade in commodities with the most popular commodity trading exchanges being The National commodity and the derivative exchange or the multi commodity exchange. Every thing ranging from hold to metals to agricultural commodities like grains pulses oils etc can be traded by any one who wants to do commodity trading. Trading commodities starts with a broker who can grant traders access to both the futures market and some spot commodities market. ETFs are traded just like stocks but are backed in full by a balance of both futures and hard assets. With spot prices. the gold that backs the fund is held elsewhere and can be moved digitally through a stock exchange rather than a hand to hand transaction. Hence if you want to buy or sell a particular commodity like gold. Trading in commodity derivatives is also easily possible. and cheapest. such as the US CBOT exchange. Commodity trading gives you options to hedge against inflation while also promising you good return. even though the same commodity is being traded. but rather as a current value that will never expire. How to Invest in Commodities There are many ways to profit on changing commodities prices. Exchange traded funds often come with an expense ratio which is extrapolated from the current market value each year to cover storage and trading expenses for the fund. Futures are priced in month long intervals. One very popular ETF is the SPDR Gold Trust. Exchange Traded Funds There are many exchange traded funds (ETFs) that are bought and sold on the stock markets. Commodity futures are more common though many brokers offer precious metals to be traded at spot prices rather than in future format. . One of the main benefits of ETFs is that of storage. silver. crude oil. Commodities Trading Directly trading commodities is the best. the price of the commodity is not reflected as a future value. way to get in on commodity price action.

oils. It is similar to SEBI (Securities and Exchange Board of India) which performs the role of protecting the interests of investors in securities. Likewise. fossil and many more. These markets are the Bond Market and the Commodity Trading market.000 barrels for $60 per barrel. These Commodity trading markets enable people to exchange goods for money and vice versa.Commodity Stocks Rather than trade commodities. The regulator for the commodity trading market in India is the Forward Markets Commission. we will be discussing more about the later one. The Commodity trading market in India deals with all the touchable markets which we come across in our mundane activities. as higher prices would cost the airlines more cash. The commodity market in India is mainly influenced by the demand and supply equation. COMMODITY TRADING MARKET- There are 2 major kinds of markets in India. gur. jute products. Natural leverage in commodity stocks makes them a great alternative to the volatile commodities markets and provides a return that is worthwhile to the investor. ginned as well as un.ginned cotton. These goods or commodities can be anything and can belong to any sector may it be agricultural. shorting the airline industry would be a smart move. potatoes. global factors drive the commodity market as well. the company would make 150% more while the change in the price of oil was just 25%. buying a gold mining company before a bull run in gold would produce a very nice return generally greater than the change in the commodity itself. mineral. gold . weather. If the price were to rise to $75 per barrel. jute. sugar. a company that produces oil at a cost of $50 per barrel would make $1.000. if you thought the price of crude oil was set to explode. tea. Leveraging investments in commodity stocks is easy simply due to the way corporations and balance sheets work. but never assumed in the world of commodities. petrochemicals. it is possible to produce similar returns with ordinary companies. policies of the government. Various external factors such as social changes. The commodity trading market observes the trading of various commodities such as cereals. .000 if it sold 100. For example. silver. coffee. cotton. Making money with commodity stocks is a lot less risky considering the stability of the business and the book value that is assigned to stocks. pulses. For instance. metals and many more commodities. oilseeds. onions. Here. crude.

but would prefer to trade more fundamentally driven investments. Generally. Many traders who enjoy the foreign exchange market. The total commodities derivatives trade value forms 66% of India s GDP (Gross Domestic Product). commodities are considered extremely raw materials that are standard from market to market and producer to producer. The same is true for crude oil. Though there are many different markets that trade throughout the day and open and close at different times. and any of the other various simple materials that trade on the open exchanges. There are some drawbacks to a 24/7 market. short term investors in the commodities market are likely to buy and sell within the day rather than hold an investment through another trading cycle in a foreign country. For example. Commodities in the World Market The commodities market is virtually a 24/7 market.The commodity trading market in our country is said to have a daily turnover of 120 Billion rupees to about 150 Billion rupees on an average. STRUCTURE OF COMMODITY MARKET Types of Commodities Commodities are products that are bought and sold on an open market. . thus. commodities in the US are the same as commodities in Europe and Asia. pork bellies. It is also believed by a lot of people that this percentage will only keep rising in the future. a bushel of corn is a commodity that is virtually standard all around the world. as the price of your positions will change as you sleep. The price of gold in Asian commodity trading will be reflected in the price when the US markets open. will find the commodities market a nice change from the currency markets.

inclusive of pork bellies. coal. metal commodities have an inverse relationship with currency strength. Most of the trading of grain commodities are conducted on the Chicago Board of Trade (CBOT). The most active exchange for soft products is the Coffee." These types of trades involve sugar. and even orange juice. and it will likely appear on the commodities markets. with the biggest difference being the cost of labor. This type of commodity trading is most active in spring and summer. corn. but after adding in the cost of transport and labor. regardless of the currency. there is a category of softly manufactured products. . typically traded as futures. Sugar. propane. rice. both in providing new supply and generating demand. and price of the particular commodity in the future. Energy Products The dramatic climb of crude oil in the commodities markets showcases an important type of commodity: energy. which forecast the supply. Should currency and economic uncertainty arise. demand. and Cocoa Exchange (CSCE). which are not only important for consumer consumption. it is because the basic raw materials are all the same cost. cocoa. The world market of commodities never stops. Grain Products Along the lines of meat products are grain products. this type of commodity has experienced some of the greatest price volatility. also known as "soft products. In recent years. when crop data is presented. Metal Commodities Witnessed in the tremendous rise in price in gold. and even live cattle. coffee. silver. Trading this type of commodity allows to speculate on the future price of precious and industrial metals. Included in this type of commodity are bushels of wheat. investors can trade meat commodities on other markets as well. oat. but for livestock feeding as well. While this type of commodity has seen the least volatility. these commodity shares will rise in value. including petroleum. crude oil. the prices are influenced by the price of grain commodities. cotton. Meat Products A commonly traded type of commodity is meat products. which are utilized to feed livestock. and soybean. and even copper. There is a reason why products cost the same all around the world. and natural gas.Commodities are Simple Products Commodities are what drive the world's manufacturing. Soft Products While most types of commodities are raw. the US produced home will cost considerably more. hogs. Think of virtually any simple resource. While these commodities are typically traded on the Kansas City Board of Trade (KCBT). investors place their funds into metals. Should investors believe that a shortage in supply may be on the horizon. This type of commodity is inclusive of all types of energy that can be utilized to power forth residential and industrial needs. To produce one home in the United States would cost just as much as the same home in China. and vice-versa. The commodities markets are where the most basic of prices are set.

Also do not perform any transaction on any web site which is not secured. DO¶S AND DON¶T¶S FOR COMMODITY TRADINGWhen you begin commodity trading there are a few Dos and Donts that you should keep in mind. Do not give your trading accounts user name password or a login Id to any one. commodity trading offers investors an ability to speculate and forecast future prices. Thus the broker should be having a contract note which is signed by the authorised signatory. . often returning a solid profit. expertise as well as patience in order to be successful. TRADING TIPSCommodity trading like any other form of trading needs knowledge. o o o o o o You should ensure that the broker or the brokerage that you are using is an established one and is registered one. Secured web sites are the ones which being with https. You should also ask for periodic statements of the trading account in order to keep a check on the transactions that you have made using your forex trading account. These tips and guidance mentioned on this web site will help you not to make any mistakes while you do commodity trading. Remember its your money that is being talked about here and hence you should not just go by some one else's judgement but do your own home work well. especially when the Dow Jones and NASDAQ are not performing well. You can go through the below mentioned tips in order to be able to trade successfully in commodities. Backed by contracts of tangible resources.With great diversity among industries and resources. Your transaction is always safe on such a web site. trading commodities can be an excellent way to diversify your portfolio. It is important to go through this list especially if you are a beginner and you are about to just begin trading. You should not get carried away by what other research or commodity research analysts are saying but should always use your own judgment when ever thinking of buying or selling a particular commodity taking into factor the risk involved.

Thus which ever commodity you invest in metals. Hence investing for a longer durations will benefit you more and provide higher returns on your investments.Remember that trading or investing in commodities will always have an element of risk in it. They all believe that the . Having good sound knowledge of manner in which the commodities market functions and how the value of a commodity appreciates or depreciates over a period of time will definitely be helpful. o COMMODITY TRADING STRATEGIES- There are a large number of strategies which can be made use of while doing commodity trading. o Long term investing may prove to be a better shot than short term trading. These strategies may keep varying for different persons and may also depend on various factors such as the investment capacity of a person. Your portfolio should be diversified across several forms of investments so that in the case of any one form of investment going bad like in the case of some commodities like crude oil constantly going through a lean phase. o Also you need to focus on certain commodities in which you have invested and monitor their movements which may be dependent upon demand supply or any government related regulations. A few of the important things to be considered and taken care of while trading commodities have been given below: The first and the foremost strategy which is highly recommended by several commodity trading professionals and advisors is of following the trends. you should be aware of how the commodity market is behaving. Hence it is important not to allocate all your portfolio funds only towards the Commodity market. the investor s market knowledge and the level till which he or she is willing to take risk. import export issues or any climatic issues which may impact the commodities. mutual funds. Also spread your investment amongst a large number of commodities which are generally traded by investors. or oil or pulses for example. o In any form of trading knowledge or information plays a vital role. As does any form of investment be it in stocks. or even currencies.

There are variations in demand and supply of commodities in various seasons. Range trading strategiesAnother strategy which is commonly recommended is the range trading strategy. a telephone. COMMODITY TRADING SOFTWAREThe traders get the market data from the market exchange via their brokerage. Proper study and effective implementation in the direction of the trend can help you make profits. while others charge an additional fee. This is helpful particularly during the times when the trend following strategy is of little use. are run by computers. and are accessible via the Internet. SeasonSeason is an important factor which needs to be considered while making your strategies for efficient and profitable commodity trading. As modern day trading is electronic. the exchanges today. Most traders will use the market data provided by their brokerage. Seasons or the regular cycles throughout the entire year play a defining role in the variations of the commodity prices. Some of the software s used are listed below: .prices of a particular commodity follow a particular trend or pattern. data provided by brokerage. Various other factors and strategies which play a very important role in the commodity trading market are hedging and speculation. the traders therefore. Some brokerages provide market data free for active trading accounts. These tools are things like a computer. either for all of their markets or for each exchange. This strategy states that buying of commodity should be done when price of the commodity is in its lowest range and similarly you should sell the commodity when its price falls in the highest range. can work from almost anywhere in the world using only a few selected tools and services. or in addition to. but some traders will use market data from other sources instead of. and. Internet access so most people already have some of the tools that the traders use.

o Charting software is the software that day traders use the most. Some trading brokerages provide charting software as part of their trading software. No. o Additional trading software (sometimes known as a front end) can provide a different display. o Brokerage provided trading software is to make trades. Global Commodity Exchanges 1 . but some traders prefer to use additional trading software that interfaces with their brokerage provided trading software. and different features (such as automatic target and stop loss orders). and is comparatively easier to use than brokerage provided trading software. but often they do not offer the variety of features that the charting software offers. Leading commodity markets of india LEADING COMMODITY MARKETS OF WORLD Some of the leading exchanges of the world are: S.

TRADING ATTRACTIVE . India 19 Dubai Gold & Commodity Exchange (DGCX) 20 Dubai Mercantile Exchange (DME). China 8 Bursa Malaysia Derivatives exchange 9 Singapore Commodity Exchange (SICOM) 10 Chicago Mercantile Exchange (CME). (joint venture between Dubai holding and the New York Mercantile Exchange (NYMEX)) WHAT MAKS C. Manitoba 7 Dalian Commodity Exchange.New York Mercantile Exchange (NYMEX) 2 London Metal Exchange (LME) 3 Chicago Board of Trade (CBOT) 4 New York Board of Trade (NYBOT) 5 Kansas Board of Trade 6 Winnipeg Commodity Exchange. India 18 Multi Commodity Exchange of India Limited (MCX). India 17 National Commodity and Derivatives Exchange (NCDEX). US 11 London Metal Exchange 12 Tokyo Commodity Exchange (TOCOM) 13 Shanghai Futures Exchange 14 Sydney Futures Exchange 15 London International Financial Futures and Options Exchange (LIFFE) 16 National Multi-Commodity Exchange in India (NMCE).

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