Commodities Traded In India
There are many origins of the word ‘commodity’. The earliest version was the French word ‘commodité’. The English version was derived from it in the 15th century. It is synonymous to ‘convenience’ when we talk about the grade of services and also the quality.. The German root for commodities is ‘die Ware’, i.e. products that are offered for buying in the open market. A commodity is a thing which people need and is available without much differentiation throughout a given market.
The prices of commodities are generally determined according to their performance in a given market. The commodities that people generally deal in are the ones that are traded in every market all over the globe. In India too the commodities traded are the usual ones that are traded in other countries.
These include basic resources like such as iron ore, crude oil, coal, ethanol and agricultural products like sugar, soybeans, cotton, rice, cocoa, wheat, corn, soybean oil, pepper and precious metals like gold, platinum, palladium, silver; industrial metals like nickel, aluminum, zinc, tin, copper, aluminum alloy, recycled steel; rare metals like germanium, cadmium, cobalt, chromium, magnesium, manganese, molybdenum, silicon, rhodium, selenium, titanium, vanadium, wolframite, niobium, lithium, indium, gallium, tantalum, tellurium, beryllium and even cattle, heating oil, propane, uranium, rubber, palm oil etc.
Such a wide range of goods and materials appears too large, that is why people who trade in commodities on a large scale are generally found to be dealing with only the standard commodities like crude oil, natural gas, gold, silver, copper, etc.
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