Inaugurating the seminar as Chief Guest, A.S. Mithwani, Chief General Manager, SEBI, highlighted the many developmental steps SEBI took since 2015 in order to raise the level of participation in the commodity derivatives market. These included allowing more products and new participants including institutional participants. Given that India has large exposure to a variety of commodities including energy products, industrial and precious metals as also agricultural goods, he said that we should strive to become price-setters in the market rather than price-takers as at present. Mithwani also said, SEBI was always open to consultations and receiving constructive feedback about commodity derivatives market. He saw a bright future for the futures industry in the years ahead. P.S. Reddy, MD & CEO, MCX, in his special address urged all market participants to pursue ‘Trade in India’ on the lines of Make in India. He underlined that s the country’s largest commodity derivatives exchange, MCX has robust internal control systems that inspire the confidence of market participants. Earlier, in his Welcome address, Ashish Vaid, President, IMC, pointed out that India’s economic growth over the coming years will be substantially commodity intensive and that risk management tools such as hedging are critical. Atul Joshi, Co-chairman, IMC-ERTF, proposed a hearty Vote of Thanks. In the business sessions that followed, Dr. V. Shunmugam, Head, Research, MCX, outlined the various drivers of the commodity markets covering crude oil, bullion, base metals and agriculture. M.r Sandeep Daga, Director, Regsus Consulting made a presentation on base metals market fundamentals and observed that most metals may move from deficit to surplus in 2020. Kunal Shah, Head, Commodities Research, Nirmal Bang, discussed the bullion market drivers and highlighted that global uncertainties and risk aversion are likely to benefit gold which is a safe haven asset. G. Chandrashekhar, Economic Advisor, IMC, presented the palm oil and cotton market fundamentals, and showed how the recent thaw in the US-China trade tiff would impact the commodities. He also briefly said the global crude oil market was well supplied in the first half of 2020 with output in the US and non-OPEC origins creating a small surplus in the market, while growth concerns continue to weigh on the market. These sessions were interactive with the expert presenters answering several questions raised by participants. IMC is a 112 year old pioneer chamber of commerce, while MCX is by far the largest commodity derivatives exchange in the country.