Precious metals like gold and silver reported a robust increase of ~120%/133% in total value of contracts traded. Volatility in crude prices led to a surge in speculation activity translating into ~60% YoY growth in traded value During the quarter, while growth in traded value of gold and silver was more pronounced in Feb and March, it was more front ended for crude (toward Jan and Feb) due to the sharp fall in crude prices. Most of the base metals continued to show a trend of decline (YoY) due to the compulsory delivery rule, which impacted the interest levels of speculators and arbitrageurs. Base metals continue to report declines, largely led by the compulsory delivery rule, which impacted the interest levels of speculators and arbitrageurs. Despite the one-off near-term impact on 1QFY21E (0% YoY revenue growth), we expect strong ~14%/18% revenue growth over FY21/22, primarily led by precious metals and crude.