Commodity trading in India has a long history. In fact, commodity trading

Commodity markets

Commodity markets are markets where raw or primary products are exchanged. These raw commodities are traded on regulated commodities exchanges, in which they are bought and sold in standardized contracts....

 in India

India

India , officially the Republic of India , is a country in South Asia. It is the seventh-largest country by geographical area, the second-most populous country with over 1.2 billion people, and the most populous democracy in the world...

 started much before it started in many other countries. However, years of foreign rule, drought

Drought

A drought is an extended period of months or years when a region notes a deficiency in its water supply. Generally, this occurs when a region receives consistently below average precipitation. It can have a substantial impact on the ecosystem and agriculture of the affected region...

s and periods of scarcity

Scarcity

Scarcity is the fundamental economic problem of having humans who have unlimited wants and needs in a world of limited resources. It states that society has insufficient productive resources to fulfill all human wants and needs. Alternatively, scarcity implies that not all of society's goals can be...

 and Government policies caused the commodity trading in India to diminish. Commodity trading was, however, restarted in India recently. Today, apart from numerous regional exchanges, India has four national commodity exchanges namely, Multi Commodity Exchange

Multi Commodity Exchange

Multi Commodity Exchange is an independent commodity exchange based in India. It was established in 2003 and is based in Mumbai. The turnover of the exchange for the fiscal year 2009 was US$ 1.24 trillion, and in terms of contracts traded, it was in 2009 the world's sixth largest commodity exchange...

 (MCX), National Commodity and Derivatives Exchange (NCDEX), National Multi-Commodity Exchange (NMCE) and Indian Commodity Exchange (ICEX). The regulatory body is Forward Markets Commission

Forward Markets Commission

The Forward Markets Commission is the chief regulator of forwards and futures markets in India. As of March 2009, it regulated Rs 52 trillion worth of commodity trades in India...

(FMC) which was set up in 1953.

Useful resources/links

Forward Markets Commission

Multi Commodity Exchange

National Commodity and Derivatives Exchange

National Multi-Commodity Exchange

Indian Commodity Exchange