Does Indian Commodity Futures Markets Exhibit Price Discovery? An Empirical Analysis

Table 2

Sample details.

Group	Commodity	Observations	Start date	End date	Q/B	Trading unit
Bullion	Gold	3996	6-Feb-06	31-Dec-19	10 gm	1 kg
	Silver	4166	26-May-05	31-Dec-19	1 kg	30 kg
Metal	Aluminum	3953	4-Jan-06	31-Dec-19	1 kg	5 tons
	Copper	1462	14-Feb-06	29-Nov-19	1 kg	1 mt
	Lead	3525	2-Jul-07	31-Dec-19	1 kg	5 tons
	Nickel	3673	8-Feb-07	31-Dec-19	1 kg	250 kg
	Zinc	3864	2-May-06	31-Dec-19	1 kg	5 tons
Energy	Crude oil	3990	2-Jan-06	18-Dec-19	1 barrel	100 barrel
	Natural gas	3827	20-Oct-06	31-Dec-19	mmbtu	1250 mmbtu

Note. (i) Q/B and T.U. refers to quotation per base value and trading unit. (ii) Trading unit for gold, silver, and nickel is expressed in kilogram, whereas for Aluminum, lead, and zinc, it is in tons. Trading unit of copper refers to million tons. Similarly, for crude oil and natural gas, these are barrel and mmbtu, respectively.